After months of indecision, the Government has finally given Jeffrey Lucy a three-year term as Chairman of the Australian Securities and Investments Commission (ASIC).

Federal Treasurer Peter Costello had recommended Mr Lucy become the regulator’s new boss – he’d been acting in the role since David Knott’s retirement late last year – but had to gain agreement from the states before going ahead with the appointment.

Mr Lucy was appointed Deputy Chairman of ASIC in February last year. Before that, he was Chairman of the Financial Reporting Council.

An experienced member of various Australian accounting bodies, he is a former National President of the Institute of Chartered Accountants in Australia and a former Managing Partner of PricewaterhouseCoopers.