ASIC has released Consultation Paper 359 (CP 359) seeking feedback on our proposed updates to Regulatory Guide 263 Financial Services and Credit Panel (RG 263). These updates reflect changes to the Financial Services and Credit Panel (FSCP) under the Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Act 2021 (Better Advice Act).
The Better Advice Act granted the FSCP its own legislative functions and powers to address a range of misconduct by, and circumstances relating to, financial advisers, see 21-363MR for more information.
CP 359 is seeking feedback on ASIC’s proposed approach to:
- determining when to convene a sitting panel of the FSCP,
- generally hold hearings of sitting panels using technology, and
- publicising decisions of sitting panels.
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