Treasurer Josh Frydenberg is ‘strongly considering’ an overhaul of ASIC’s leadership structure, amid tensions between the Government and ASIC.

The Treasurer is expected to receive an independent review into ASIC into December, focusing on the regulator’s remuneration and procurement practices. The findings of this review will determine if the shakeup goes ahead.

All of this has come to light as it was discovered that ASIC Chairman James Shipton used $120,000 of ASIC’s funds to pay KPMG to do his personal tax returns. Another $60,000 was used to pay housing payments for the Deputy Chairman.

Sources close to both the Liberal and Labour parties claim it is unlikely that Mr Shipton will remain as Chairman. For ASIC to successfully function, they must be perceived as beyond reproach – it’s impossible to take ASIC seriously as a regulator when their own leadership team are misusing funds.

Looks like there will be interesting times ahead for ASIC.