Tabcorp Group General Counsel Sean Hughes and former Equipsuper CEO Danielle Press have been appointed full-time members of the Australian Securities and Investments Commission (ASIC), on five-year terms.

New Federal Treasurer Josh Frydenberg says the appointments build on moves to toughen ASIC’s capabilities, to better combat misconduct in the financial services sector.

“These appointments… will contribute to the leadership necessary to support [ASIC’s] new strategic direction, which will enhance its ability to detect and address misconduct in financial services and protect consumers,” Mr Frydenberg said.

Before Tabcorp, Mr Hughes was chief risk and legal officer at UniSuper and CEO of New Zealand’s Financial Markets Authority.

Ms Press was CEO of the Myer Family Company from 2016 until last year, and has held senior roles at UBS Global Asset Management.