Pauline Vamos, one of the key regulatory figures who worked with the insurance industry to get Australian financial services licensees signed on ahead of the implementation of the Financial Services Reform Act (FSRA), is using her experience in a new banking industry job.

After more than a year as an international consultant – including advising Asian regulators – she has become Global Head of Compliance at the National Australia Bank (NAB).

Ms Vamos, who was the Australian Securities and Investments Commission's (ASIC) Director of Licensing and Business Operations, told Sunrise Exchange News she is looking forward to working in the bank and overcoming some of the “specific challenges the NAB has”.

“I’ve learned a lot in the past 12 months, and I’m looking forward to this new global position and the challenges it will provide.”

Over the past 18 months ASIC has lost both the key people who oversaw implementation of the financial services reform regime, Ms Vamos and Director of Financial Services Regulation Ian Johnston.

Ms Vamos left ASIC shortly after the implementation of the FSRA in March last year to start up her own consultancy after securing a three-month contract with Hong Kong’s pension fund regulator.

Mr Johnston left ASIC in March this year to take up a new role with the Hong Kong Securities and Futures Commission.

And former Australian Prudential Regulation Authority Chairman David Knott was appointed in March as the new CEO of the Dubai Financial Services Authority. Mr Knott, who had been acting as a consultant since leaving ASIC in August 2003, joined four other ex-ASIC officers in Dubai, including former Victorian enforcement director Jamie Orchard. Mr Knott’s salary in Dubai is understood to be about $1.1 million – more than four times the amount he earned running ASIC.

The loss of top-class ASIC staff to foreign regulators needs to be addressed, says Steadfast Chairman Robert Kelly. He told Friday’s Australian Professional Indemnity Group symposium in Melbourne many regulatory professionals are being lured by the wages and working conditions of the overseas regulators.

Mr Kelly says the Australian regulator needs to address issues with “maintaining quality people”.

“Unfortunately the industry has developed some really good, beneficial relationships with some people who have worked for the regulators, but these people have been lured by the conditions and pay of working for regulators in other countries,” Mr Kelly said. “This is a continuing issue for ASIC.”