ASIC exec out amid query on rent help

A TOP corporate regulator has quit after revelations he received $70,000 in rent assistance from the public after moving to Sydney for work.

Australian Securities & Investments Commission deputy chair Daniel Crennan QC said he had been advised the $750 weekly rent allowance he was paid in 2018 and 2019 after relocating from Melbourne to Sydney was “consistent” with the regulator’s policy.

But Mr Crennan (pictured), who is head of enforcement at ASIC, tendered his resignation to federal Treasurer Josh Frydenberg with “immediate effect” on Monday and has repaid the money voluntarily.

“I had been intending to retire from my position in July 2021,” he said in a statement. “However, in the current circumstances, I have decided that it is in the best interests of ASIC for me to resign now.”

Mr Crennan said in October 2018 he agreed to a request from ASIC to move to Sydney because of the higher number of commissioners in Melbourne.

“ASIC agreed to pay me a relocation package, which included a rental allowance. I was told the payment of this allowance was consistent with ASIC policy,” he said.

“In September 2020 and early October 2020, I was told of external advice about – and the Australian National Audit Office’s present position concerning – the rental allowance being paid to me. I requested that ASIC cease paying me the rental allowance. I also offered and agreed to repay the rental allowance ASIC had paid to me.”

The ANAO has since recommended an independent review into relocation payments, including Mr Crennan’s.