Consumer protection is being given a greater emphasis by ASIC with the creation of a new Consumer Protection National Directorate. The directorate will come under Peter Kell, who will become National Director from July 1. Mr Kell has considerable experience in dealing with the insurance industry, as has his new deputy, Delia Rickard.

ASIC Chairman David Knott said the new directorate will have “appropriate” staffing and resources, and signifies the importance ASIC places in its consumer protection role”.

ASIC took over responsibility for consumer protection in the finance sector in 1988, and up to now has managed the role through a small co-ordinating team. This latest change marks an increased interest in the consumer protection area by ASIC, with Mr Knott promising that consumer-related issues “will take a higher profile in our work”.