ASIC chair James Shipton cleared of misconduct but will step down from role this year

The head of the Australian Securities and Investments Commission (ASIC) James Shipton will step down from his role at the corporate watchdog in the coming months.

Last year an investigation was launched after it was revealed ASIC paid more than $118,000 for him to receive personal tax advice.

Mr Shipton stood aside during the review and chose not to receive his salary during that time.

The report found no adverse findings against him.

Treasurer Josh Frydenberg said the Government had considered the report by Dr Vivienne Thom, as well as extra legal advice about Mr Shipton’s behaviour.

“I am satisfied that that there have been no instances of misconduct,” he said.

“In the light of the outcomes of the review, Mr Shipton will return…