ASIC seeks feedback on new Financial Services and Credit Panel

On Monday, 28 February, ASIC confirmed it is seeking feedback on the newly-established Financial Services and Credit Panel (FSCP) and its role, including when to convene a sitting panel and publicising decisions of sitting panels.

Earlier this month, the Morrison government announced 31 part-time members on the FSCP in support of the recently passed Better Advice Bill – which sees that the FSCP is established within ASIC as the single disciplinary body for financial advisers – and sees the regulator “responsible for convening individual panels to consider disciplinary matters”.

The Association of Independently Owned Financial Professionals (AIOFP) executive director Peter Johnston took aim at the FSCP shortly after its formation.

“The Financial Services & Credit Panel [FSCP] announcement by [financial services minister Jane Hume] is confusing to say the least,” Mr Johnston said.

“How can you have a panel supposedly representing the advice industry containing only two politically-damaged hybrid associations and an institutionally dominated one with minimal adviser member content?

The regulator said on Monday: “ASIC encourages comments from industry and other interested stakeholders on its proposed approach to setting principles and processes relating to the FSCP.”

Feedback can be submitted now and closes at 5pm on Monday, 28 March.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.