A newspaper report suggesting Australian Securities and Investments Commission (ASIC) Chairman Jeffrey Lucy will step down before the end of his three-year contract has caused some speculation this week, but his office has dismissed the speculation.

The Australian newspaper reported Mr Lucy may resign before his contract runs out in May next year, citing as evidence criticism of ASIC’s handling of Steve Vizard’s prosecution, the return of Mr Lucy’s wife to Adelaide and the increasing profile of Deputy Chairman Jeremy Cooper.

The article suggests Mr Lucy didn’t handle the Vizard case well and should have pressed for a criminal conviction of insider trading and a jail sentence for breach of his duties as a Telstra director.

Mr Lucy told the newspaper: “I regard it as a privilege to lead this organisation and I have every intention of serving out my term.”

When Sunrise Exchange News contacted ASIC about the article, a spokesman said it is mere speculation. “As far as we’re concerned he has no intention of stepping down.”