Crennan resigns, as ASIC expense fallout continues

  • By AB+F Editorial

The corporate regulator’s deputy chair Daniel Crennan announced his resignation in a pointed statement on Monday. 

In early 2018, The Melbourne-based Crennan said that he had accepted the job and in October of that year, agreed to move to Sydney, on the request of ASIC’s chair because of the high number of commissioners based in Melbourne. 

“ASIC agreed to pay me a relocation package which included a rental allowance. I was told the payment allowance was consistent with ASIC policy,” he said in a statement.  

However, the Australian National Audit Office raised concerns with his rental allowance which Crennan was told about in early October. 

“I requested that ASIC cease paying me the rental allowance. I also offered and agreed to repay the rental allowance ASIC had paid to me.”

Crennan also said in the statement that he had intended to retire from his role with ASIC in July next year, despite being appointed for a 5 year term.

His announcement follows the decision by ASIC chair James Shipton to stand down pending an expense review by the audit office and it has been reported that he too is expected to resign.

Crennan was hired to spearhead the corporate regulator’s enforcement activity following the royal commission where ASIC had come under criticism for being too lenient.

Upon his appointment, Crennan told the channel nine newspapers that the regulator “should be feared”