New ASIC chair is, first and foremost, a lawyer

Mike Taylor

Managing Editor and Publisher

4 February 2026

ANALYSIS

So, another lawyer is to chair the Australian Securities and Investments Commission (ASIC) as the regulator’s deputy chair, Sarah Court, has been named to succeed current incumbent, Joe Longo.

Given that Court has thus far overseen one of ASIC’s most significant actions in the past decade – the clean-up and prosecutions following the collapse of the Shield and First Guardian funds – there is much to recommend her appointment to succeed Longo.

Also in Court’s favour is that she is arguably an apolitical appointment having spent the majority of her career in public sector roles including three terms as a Commissioner at the Australian Competition and Consumer Commission (ACCC) before which she worked within the Australian Government Solicitor.

While much is being made of the fact that the Treasurer, Jim Chalmers, has again appointed a female candidate to head a Government agency, this overlooks the fact that Court’s appointment guarantees continuity and stability at the top of ASIC following the instability which appeared to surround former chair, James Shipton particular with respect to his relationship with former deputy chair, Karen Chester.

But the reality for those in the financial advice profession is that Court is a public sector lawyer and ASIC still lacks sufficient people with backgrounds in financial services capable of understanding the nuances of investment and advice.

If one thing became obvious during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry it was that lawyers, no matter how clever and well briefed, struggled to fully understand the detailed workings of the financial services sector.

And, given that much of the briefing of counsel assisting the Royal Commission came from ASIC and the Australian Prudential Regulation Authority (APRA), the lack of hands-on financial services experience showed through exemplified when legal action such as that initiated by APRA against IOOF (now Insignia Financial) failed miserably.

In fairness, ASIC and APRA will likely always struggle to recruit people with serious hands-on financial services experience because the market for compliance personnel is already tight and, post-Shield and First Guardian, will likely only get tighter.

There is no question that Court is a sound appointment and, unlike some of her predecessors, comes to the role without any obvious political encumbrances.

She is, though, like her predecessor, first and foremost a lawyer.