Friday, August 5, 2022
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New guidance on ASIC’s central disciplinary body released

Corporate watchdog ASIC has published new guidance about the Financial Services and Credit Panel (FSCP), a single, central disciplinary body with its own functions and powers to consider and take action in response to financial adviser misconduct.

The guidance includes an update to Regulatory Guide 263, which provides an overview of the purposes and composition of the FSCP, an outline of the actions a sitting panel may take, as well as the FSCP’s processes and procedures around hearings, decisions, and confidentiality.

It also includes the new Information Sheet 273, which outlines the rights of financial advisers affected by an FSCP decision, including how to make an application to vary or revoke FSCP decisions and how to seek an independent review of FSCP decisions. Financial advisers who receive a decision from the FSCP will also be given a copy of INFO 273.

ASIC can refer disciplinary matters regarding financial advisers to FSCP. FSCP acts separately from, but alongside, ASIC’s own administrative decision-making processes.

“We look forward to working with the industry members of the FSCP who will bring their technical knowledge and practical experience to disciplinary decisions,” ASIC Commissioner Danielle Press said. “The FSCP, combined with ASIC’s new warning and reprimand powers, enables ASIC to respond to a range of financial advice misconduct, including lower-level misconduct that may otherwise go unaddressed.”



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