ASIC has just released Consultation Paper 359 Update to RG 263 Financial Services and Credit Panel (CP 359). They are wanting feedback on their proposed guidance regarding the operation of a single, centralised disciplinary body for financial advisers, the Financial Services and Credit Panel (FSCP).
This is in response to changes to the FSCP under the Better Advice Act (2021), where ASOC was granted its own legislative functions and powers to address a range of misconduct by (or relating to) financial advisers.
ASIC must convene a FSCP if it reasonably believes a financial adviser is not a fit and proper person to provide advice, or if they become aware that a financial adviser has become insolvent and under administration. ASIC also has the power to issue warnings or reprimands in relation to specific misconduct incidents.
CP 359 is looking for feedback on ASIC’s nominated approach regarding:
- When to convene a sitting panel of the FSCP
- Using technology to hold hearings of sitting panels, and
- The publicising of decisions of sitting panels.