ASIC has today released new guidance about the Financial Services and Credit Panel (FSCP), including an update to Regulatory Guide 263 Financial Services and Credit Panel (RG 263) and the new Information Sheet 273 FSCP decisions: Your rights (INFO 273).
RG 263 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. Our update of RG 263 takes into account submissions received in response to Consultation Paper 359 Update to RG 263 Financial Services and Credit Panel (CP 359).
INFO 273 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. A copy of INFO 273 will be provided to financial advisers when they receive a decision from the FSCP.
ASIC Commissioner Danielle Press said, ‘The FSCP has been given its own functions and powers to consider and take action in response to financial adviser misconduct. We look forward to working with the industry members of the FSCP who will bring their technical knowledge and practical experience to disciplinary decisions.’
‘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.’
In addition to this new guidance, ASIC has also published Report 734 Response to submissions on CP 359 Update to RG 263 Financial Services and Credit Panel (REP 734). The report highlights the key issues that arose out of the submissions received on CP 359 and details our responses to those issues.
The submissions received were generally supportive of ASIC’s proposed approach. ASIC received three confidential and eight non-confidential written submissions. Copies of the non-confidential submissions are on the CP 359 page on the ASIC website.
