The chairman of the financial services regulator, Joe Longo, has announced he will step down from his position in May 2026.
Longo has announced he will not be seeking an extension to his term as chair of the Australian Securities & Investments Commission (ASIC) and will be finishing his tenure on 31 May 2026.
Longo, who started in the position on 1 June 2021, informed the Secretary to the Treasury that he would not be seeking an extension to his term in June of this year, a decision which was then formalised to the Treasurer earlier this month.
He said the decision not to seek an extension comes amid major reforms, stronger enforcement, and ongoing priorities to strengthen regulation, markets, and productivity in Australia.
Longo said: “It has been an immense privilege to serve as chair of ASIC and to have been given the opportunity to rebuild and renew the agency…
“When I accepted the position, I was clear ASIC needed to become a modern, confident and ambitious regulator.
“With the most significant organisational restructure in 15 years, new Commissioners, a new CEO and refreshed senior executive team, I see that transformation is delivering dividends.
“From the doubling in ASIC’s investigations numbers and 20 per cent lift in civil enforcement proceedings over the last five years, to the increased funding we have secured to stabilise critical business registers essential to Australia’s economic infrastructure, to landmark reports and discussion papers on tackling regulatory complexity, private and public markets, superannuation member services and banks’ support for low income and hardship customers – the ASIC of today is better fulfilling what Australia needs of it.”
The ASIC chair said he would continue to lead the financial services regulator’s “key enforcement work” over the rest of his tenure, which includes “a heightened focus on misconduct in superannuation”.
“ASIC’s public and private markets work will also continue, with a focus on efficiency and integrity, to attract investment and promote economic growth,” he said.
“We will finalise the independent review of the ASX to ensure Australia has stable, secure and resilient market infrastructure. And we will embark on the next stage of work we began in 2024, to simplify regulation to help tackle the productivity challenges Australia faces.
“ASIC has exceptionally dedicated, skilled and experienced staff and I cannot praise them highly enough.
“While the time for extensive acknowledgements will come, I want to thank in particular Deputy Chair Sarah Court, who commenced on the same day as I did, both for her dedication and commitment to the work of ASIC and for her invaluable personal support of me as Chair.
“I also want to thank all the Commissioners with whom I have worked, for their support and contributions.”
Longo has had a long career at ASIC, having been the national director of enforcement at ASIC between 1996 and 2001, and responsible for the co-ordination and direction of all enforcement and litigation activities.
Before becoming chair of the financial services regulator, he was the general counsel for Deutsche Bank in London and Hong Kong for 17 years, providing leadership across regulatory issues, governance, corporate law, and non-financial risk.
He has also been a senior adviser at Herbert Smith Freehills and practised in New York and a partner at Parker and Parker (now Herbert Smith Freehills Kramer).
Federal Treasurer Jim Chalmers confirmed that a search has started to find the next chair, adding: "Since his appointment in 2021, ASIC has carried out significant enforcement actions to uphold the integrity of our corporate, market and financial services sector.
"Mr Longo has overseen ASIC during a period of heightened economic, geopolitical and technological change, and I thank him for his leadership."
APRA deputy chair will not seek extension
Longo’s decision comes as the deputy chair of the Australian Prudential Regulation Authority (APRA), Margaret Cole, also announced that she would not be seeking an extension to her term.
Cole advised the Treasurer of her intention to leave APRA at the end of her current term, which expires on 30 June 2026, with the Treasurer now advertising for a new deputy chair.
Cole said it was “a difficult” decision to leave, but added she was proud of what she and the organisation achieved over her term.
“It has been a difficult decision to move on from such a critical role in a highly respected regulator with first-rate colleagues and a vital mission for Australia and its people,” she said.
“But leadership is about taking the right decisions at the right time and leaving the enduring organisation in a strong position to face future challenges.”
APRA chair John Lonsdale noted the deputy chair’s contribution to APRA since she joined in 2021.
“APRA has benefited from successive appointments to the board with deep knowledge of the financial system. Margaret has also brought extensive experience across the private and public sector and in jurisdictions outside Australia. This expertise has been invaluable to APRA and I thank Margaret for her leadership, support and the contribution she has made,” Lonsdale said.
“Margaret is passionate about APRA’s purpose and supporting the work that everyone at APRA does to deliver on our important mandate, particularly in her role ensuring superannuation trustees are acting in the best financial interests of their fund members.
“Margaret oversaw the implementation of the Your Future, Your Super reforms, which commenced on her first day at APRA. These far-reaching reforms were aimed at ensuring superannuation works in the best financial interests of all Australians and improving efficiency, transparency and accountability in the superannuation industry.
“Among other achievements, Margaret initiated innovative ways of thinking and solving problems, particularly on complex supervision and enforcement matters. She drove our legal and enforcement functions into a new era and reshaped processes across APRA to be more efficient and less burdensome while skilfully overseeing the implementation of the Financial Accountability Regime.”
Treasurer Chalmers said: "Through her tenure, Ms Cole has made a significant contribution to APRA both as a member and then as Deputy Chair over the last four years and the Government thanks her for that."
He continued: "The Albanese Government will be appointing new senior leaders at two of Australia’s most important regulators.
"High-quality leadership at our core economic institutions is crucial to the more modern and competitive economy we are building together...
"Treasury will work through these processes in the usual methodical and considered way.
"Key appointments like these are another important way to refresh and renew our economic institutions.
"Regulators play a really important role in our economy, and that’s why we will continue to appoint the best people we can to lead them," he concluded.
