Palmer was charged with fraud offences by ASIC in July 2020 relating to the alleged transfer of money from his companies to fund his political campaign. The case continues, and Palmer is vigorously defending the matter and seeking to have the charges thrown out of court.

Shipton told the inquiry he sought support from Treasury and ASIC in regard to the advertisements.

“The only communication I received at the time was from a cabinet minister, who called to say not to worry about the advertisements and not to make a fuss,” he said. “I cannot fathom why that minister could treat the wellbeing of one of his senior officials, let alone a fellow human being, with such blatant disregard.”

Since leaving ASIC in early 2021, Shipton appears to have put his experiences at ASIC behind him, taking up board roles and a position at the University of Melbourne’s prestigious Melbourne School of Government.

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Shipton also told the inquiry he tried to report a senior staffer for separate issues of misconduct during his tenure, but his complaints were not acted on. Shipton did not name the staff member but the tension between himself and Chester has been well documented in Senate inquiry hearings over the past two years.

“I was the chair of ASIC, a law enforcement agency that offered no protection. The system failed me and I need to prevent it from failing others in the future,” he said.

“At the time, ASIC and the Treasury made no attempt to be a protective employer. Nor did they meet the minimum WHS [work, health and safety] standards required by law.”

A spokesperson for ASIC said the regulator “takes seriously the wellbeing of all its staff, and we believe we have consulted with relevant third parties where necessary in this matter”.

A report released by then treasurer Josh Frydenberg in January 2021 showed a Treasury investigation into ASIC’s expenses had cleared Shipton of any wrongdoing. The advertisements are believed to have continued until June 2021.