Top enforcer to police ‘the rules of the game’ as new boss of corporate watchdog

The nation’s corporate regulator will be headed by experienced litigator Sarah Court in a sign the federal government expects more action against companies that hurt consumers.

Treasurer Jim Chalmers on Tuesday morning said Court, who has been the deputy chair of the Australian Securities and Investments Commission since 2001, will take over from current boss Joseph Longo from June 1.

Chalmers said Court had more than 15 years of experience in senior statutory positions including the Australian Competition and Consumer Commission, with a heavy emphasis on litigation and enforcement.

He said Court, the first woman to head ASIC in its 35-year history, had delivered some of the regulator’s strongest enforcement results while lifting standards across the financial system.

“The Albanese government has ushered in a wave of female leadership across Australia’s top economic institutions, and this appointment is another milestone,” he said.

“We appointed Michele Bullock as the first woman to lead the Reserve Bank of Australia, Danielle Wood as the Productivity Commission’s first female chair, Jenny Wilkinson as the first woman to lead the Treasury, and we’re proud to appoint Sarah Court to lead ASIC.”

Court said it was a privilege to take on the role of chair and added it would be “business as usual” for ASIC until she moves into the job in June.

“I want to acknowledge and thank Joe Longo, not just for his work as chair helping transform ASIC into a modern, confident, ambitious and bold regulator, but also for his generous and unwavering support since we started at the agency together,” Court said.

Longo said Court had deep regulatory expertise, and she had played a key role in changing the structure of ASIC to strengthen its enforcement work.

“Sarah is an exceptional regulator with a strong record in enforcement that demonstrates her integrity and impact,” Longo said.

In her last public speech made in November last year, Court said active enforcement of corporate law benefitted consumers and the broader business sector.

“Strong and active corporate law enforcement means the rules of the game are clear, the playing field is level and those breaking the law are held to account,” she told the annual ASIC forum.

“These are all critical for consumer trust and confidence, and properly functioning markets, both essential elements for productivity improvement.”

Court also said ASIC, which has come under attack for not taking formal legal action against businesses, would take action to help keep a lid on prices that consumers faced.

“Whether it be big banks, insurance companies, credit providers or superannuation trustees, we will continue our focus in 2026 on misleading pricing practices impacting cost of living for Australians,” she said.

Chalmers paid tribute to Longo, who took over as chair in 2021, saying he had made a significant contribution to the organisation, especially through its focus on enforcement and consumer protection initiatives.

The ASIC position, at almost $880,000 a year, is one of the highest paid in the federal public sector.

Representatives from the banking and superannuation industries welcomed Court’s appointment and said they looked forward to working with her.

The chief executive of the Association of Superannuation Funds of Australia, Mary Delahunty, highlighted the important role played by ASIC in super, as the regulator continued its investigations into collapsed investments schemes Shield and First Guardian.

“Sarah has the respect of the superannuation industry as a tough, fair and highly capable regulator, with a strong track record in enforcement and consumer protection,” Delahunty said.

With Clancy Yeates

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