ASIC deputy chair Dan Crennan quits as expenses scandal rocks corporate cop

Australian Securities & Investments Commission deputy chair Daniel Crennan QC has suddenly resigned after a scandal about his expense claims.

Mr Crennan, recruited to be the corporate watchdog's "chief prosecutor",  had been under enormous pressure after an audit raised concerns about almost $70,000 to pay his rent after relocating from Melbourne.

ASIC chairman James Shipton has stepped aside after the audit revealed $118,000 paid to cover his tax expenses incurred after his relocation from the United States to take the chairman role.

Here's how we went to air on AM as the news about Mr Crennan's resignation broke.