Former ASIC commissioner to chair banking compliance committee

Yasmine Raso

Senior Journalist, Financial Newswire

19 January 2026

Former Australian Securities and Investments Commission (ASIC) Commissioner during the Royal Commission, Sean Hughes, has been tapped to chair the Banking Code Compliance Committee (BCCC).

Currently serving as General Counsel for Vanguard Investments Australia, Hughes was jointly appointed to the role by the Australian Financial Complaints Authority (AFCA) and the Australian Banking Association (ABA).

Hughes boasts specialist expertise in financial services regulation, corporate governance, law and risk management, having served as an ASIC Commissioner from 2018 to 2023 as the industry grappled with the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Hughes spearheaded the regulatory and compliance oversight of several sectors, including banking, credit, payment systems and financial hardship measures implemented during the COVID-19 pandemic.

His previous roles also include Group General Counsel at Tabcorp, Chief Risk and Legal Officer at UniSuper and Chief Executive Officer of New Zealand’s Financial Markets Authority.

“Sean brings extensive experience to this role and will be a huge asset to the committee as it continues its work promoting compliance with the code, and by doing so, creating fairer outcomes for consumers,” AFCA Chief Ombudsman and Chief Executive Officer, David Locke, said.

“I would like to thank outgoing Chair Ian Govey AM for his service and guidance over the past six years. Ian has made a significant contribution strengthening the committee’s oversight of the code and improving outcomes for consumers.”

Hughes is expected to commence his three-year term as Chair from early 2026, succeeding outgoing Chair, Ian Govey.