Pepperstone Brings in Ex-ASIC Lawyer to Head Compliance Team

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Australian retail broker Pepperstone has nabbed an ex-regulator to head up its compliance division. Peta Stead, formerly a Senior Lawyer and Regulatory Compliance Expert at the Australian Securities and Investments Commission (ASIC), has been appointed as the broker’s Group Head of Compliance and Operational Risk.

According to information made public on her LinkedIn profile, Stead got her start in the legal industry just over 10 years ago. Prior to getting her legal degree, she worked for ASSET Software – a trading software company based in Australia.

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Starting in 2006, Stead worked for ASIC as a lawyer covering regulatory policy. Most notably, she provided advice on corporate finance, markets and financial services regulation.

In September of 2008, Stead was promoted, becoming a Senior Lawyer and Regulatory Compliance Expert. She worked in ASIC’s Investment Banks team and in the Markets Supervision Complex Products division.

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The latter division is significant as it covers ASIC’s regulations regarding retail forex, contracts-for-differences (CFDs) and binary options brokers. Beyond this, the division also covers credit-rating agencies, hedge funds and firms offering Islamic finance products.

Pepperstone – hiring a compliance expert

During her time working in the Markets Supervision Complex Products division, Stead was responsible for the regulation governing CFD and FX brokers. On top of this, she worked on the risk-based surveillance of brokers as well as relief and policy advice requests.

Pepperstone may have been impressed by Stead’s work for ASIC. In 2018, she won an Australia Day Award for her work on regulatory forms related to “retail derivatives client money reforms.” Australia Day Awards are given to high-performing public sector staff.

Having left ASIC, Stead will have a lot of work on her hands as she starts her new role with Pepperstone. As an Australian Financial Services Licence holder, the broker has to perform a number of compliance procedures.

Stead will be leading Pepperstone’s efforts to adhere to those regulations. Alongside this, she will be heading up Pepperstone’s regulatory compliance and operational risk management strategies.

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