ASIC has filled its second deputy chair position to replace Peter Kell, who finished up yesterday.
Outgoing Productivity Commission deputy chair and commissioner Karen Chester will commence on 28 January 2019 for a five-year period.
Chester was appointed as a commissioner at the Productivity Commission in December 2013 and became deputy chair in May 2016. Prior to the Productivity Commission, she was a partner at Mercer and global head of infrastructure between 2011 and 2014.
Her other experience includes a partnership role at Access Capital Advisers and chief executive role at Access Economics.
In 2015, Chester was appointed to chair an expert panel to review ASIC's capabilities. The four-month review resulted in a number of key changes to strengthen ASIC.
Treasurer Josh Frydenberg said the Government has undertaken significant reforms to ensure ASIC has the powers and resources it needs to combat misconduct in the financial services industry and across all corporations for the protection of Australian consumers.
ASIC has received about $70.1 million in additional funding to support its new strategic direction, enhancing its ability to detect and address misconduct in financial services and protect consumers, he said.
She will work alongside Daniel Crennan, who was appointed co-deputy chair in March, and two new commissioners in Danielle Press and Sean Hughes.
Frydenberg announced Press and Hughes' appointments in September.
Press had a short stint as chief executive of Myer Family before joining ASIC, while Hughes was group general counsel at Tabcorp.