Former ASIC commissioner Sean Hughes will chair the Banking Code Compliance Committee
The Australian Financial Complaints Authority (AFCA) and the Australian Banking Association (ABA) have appointed former Australian Securities and Investments Commission (ASIC) commissioner Sean Hughes as chair of the Banking Code Compliance Committee, according to a media release.
Hughes will begin a three-year term on 17 February, 2026, succeeding Ian Govey, who held the position for six years.
The appointment brings regulatory expertise to the independent body responsible for monitoring banks’ compliance with the Banking Code of Practice. Hughes served as an ASIC commissioner from 2018 to 2023, where he oversaw banking, credit and payment systems regulation.
“The ABA looks forward to Mr Hughes continuing the important work of the BCCC in both independently monitoring subscribing banks compliance with the Banking Code, and promoting best practice Code implementation,” ABA chief executive officer Simon Birmingham stated.
During his tenure at ASIC, Hughes played a key role in implementing recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. He also led ASIC’s response to COVID-related hardship measures for bank customers.
Hughes currently serves as general counsel for Vanguard Investments Australia. His career includes senior roles as group general counsel at Tabcorp, chief risk and legal officer at UniSuper, and chief executive of New Zealand’s Financial Markets Authority.
“Sean brings extensive experience to this role and will be a huge asset to the committee as it continues its work promoting compliance with the code, and by doing so, creating fairer outcomes for consumers,” said AFCA chief ombudsman and CEO David Locke.
Birmingham acknowledged Govey’s contributions to the committee. “On behalf of the ABA and its member banks I would like to thank outgoing Chair Ian Govey for his contribution over the past six years, and especially overseeing the committee’s role in the development and implementation of the updated 2025 Banking Code,” Birmingham said.
