Treasurer Josh Frydenberg has given the financial services portfolio to Assistant Treasurer Stuart Robert, who is also responsible for superannuation, competition and consumer policy.

Today’s announcement ends a week-long wait after new Prime Minister Scott Morrison failed to name a replacement for Kelly O’Dwyer in his ministerial line-up. Ms O’Dwyer moved to the industrial relations and women portfolio.

But Shadow Financial Services Minister Clare O’Neil says it is a “joke” that the portfolio has been handed to the Assistant Treasurer, who was forced to resign from the Turnbull government’s frontbench in February 2016 for breaching ministerial standards.

Mr Robert admitted helping a friend and Liberal donor sign a business deal in China while he was on personal leave.

He was also questioned by the Australian Securities and Investments Commission (ASIC) for failing to report that his parents were made directors of his company, which won government contracts.

“There are instances, many instances, where Stuart Robert has behaved completely inappropriately,” Ms O’Neil said.

“He signed his parents up to be directors of a company and didn’t tell them. ASIC then went and asked him questions about that and, under this scenario, Stuart Robert would be responsible for ASIC, in part.

“I mean, someone who was sacked for misconduct is going to be put in charge of fixing bank misconduct? It’s a joke.”

Mr Robert was defence minister in the Abbott government, and after the change of prime minister in September 2015 he became the minister for veterans’ affairs, human services and minister assisting the prime minister for the Centenary of ANZAC.