The corporate regulator has proposed to develop and implement a Financial Services Panel to act as a peer review to the body’s administrative decision making processes.
The Australian Securities and Investments Commission (ASIC) has proposed the panel would be responsible for determining whether the body should ban individuals from the financial services and credit industries for misconduct.
ASIC would select matters and refer them to the panel where they were significant, complex, or novel.
ASIC chair, Greg Medcraft, said the aim was to enhance the impact of ASIC’s administrative decisions.
“The significance of being judged by peers cannot be underestimated. Peer review panels are a form of co-regulation in Australia and overseas,” he said.
“The panel will also bring broader experiences and perspectives into ASIC’s decision making and ensure decisions reflect current industry practices and standards.”
The panel would comprise financial services and credit industry participants and non-industry participants (e.g. lawyers or academics) with relevant expertise, and at least one ASIC staff member. The panel would sit alongside ASIC’s existing administrative structures and processes.
ASIC will be consulting on:
- How the panel would enhance the impact of ASIC’s administrative decisions;
- The types of matters that would be referred to the panel; and
- The optimal composition of the panel.
