Sean Hughes, who helped spearhead the broking industry’s best interests duty, is set to chair the group responsible for ensuring banks comply with their code of practice.
The Australian Financial Complaints Authority (AFCA) and the Australian Banking Association (ABA) have jointly appointed Hughes as the next chair of the Banking Code Compliance Committee (BCCC).
The BCCC monitors and assesses bank compliance with the Banking Code of Practice, has powers to investigate alleged breaches of the code, and can sanction banks if serious non-compliance is identified.
Hughes – who is currently general counsel for investment management company Vanguard Investments Australia – served as a commissioner at the Australian Securities & Investments Commission (ASIC) between 2018 and 2023 and played a key role in implementing the recommendations of the banking royal commission, including the broking industry’s best interests duty.
He will take over the BCCC chair position from Ian Govey AM on 17 February and will hold the role for a three-year term.
The incoming chair brings extensive experience in financial services regulation, law, corporate governance, and risk oversight. During his time at ASIC, Hughes led regulatory oversight across banking, credit, and payment systems, as well as the regulator’s response to COVID-19-related hardship measures for bank customers.
Prior to joining ASIC, Hughes held senior leadership roles including CEO of New Zealand’s Financial Markets Authority, group general counsel at Tabcorp, and chief risk and legal officer at super fund UniSuper.
Speaking about the appointment, AFCA CEO and chief ombudsman David Locke said Hughes would be a “huge asset” to the committee.
“Sean brings extensive experience to this role as the committee continues its work promoting compliance with the code and, by doing so, creating fairer outcomes for consumers,” Locke said.
Locke also thanked outgoing chair Govey for “his service and guidance over the past six years”.
“Ian has made a significant contribution strengthening the committee’s oversight of the code and improving outcomes for consumers,” he said.
COBCCC appointment
Meanwhile, the Customer Owned Banking Code Compliance Committee (COBCCC) has also announced a new senior appointment, naming long-time consumer advocate Karen Cox as its next consumer representative.
Cox has been appointed by the Consumers’ Federation of Australia and will commence the role on 1 March 2026, replacing Philip Cullum, who has completed a six-year term on the committee.
She joins the COBCCC following a 25-year career at the Financial Rights Legal Centre, including time as its CEO, and has been closely involved in major banking and consumer protection reforms, including the banking royal commission.
COBCCC chair Danielle Press said Cox’s appointment reflected the importance of strong consumer representation in the oversight of the Customer Owned Banking Code of Practice.
“Karen Cox is one of Australia’s most respected and influential consumer advocates in financial services,” Press said.
“Her depth of experience, credibility across the sector and long-standing commitment to fair outcomes for consumers will be a real asset to the committee.”
Press also thanked outgoing consumer representative Cullum for his contribution, saying his tenure had helped strengthen compliance and improve outcomes for customers of customer-owned banking institutions.
The appointment comes as the COBCCC continues its work monitoring compliance with the code, identifying industry-wide issues, and promoting improvements designed to lift standards and accountability across the customer-owned banking sector.
[Related: In Focus: ASIC commissioner Sean Hughes on Best Interests Duty guidance]
