Former AMP advice exec steps back as FSCP panel cuts to 24
Minister for Financial Services, Stephen Jones, has confirmed the members of ASIC’s Financial Services and Credit Panel (FSCP) for the next three years.
Some 24 part-time members have been appointed to sit on the panel that acts as the single disciplinary body for financial advisers, which is down by 22 per cent from 31 members previously.
Departing member, Nick Hilton, was recently named as an executive general manager for advice delivery at Entireti following the acquisition of the AMP advice division, having previously held the same role at AMP since January 2022.
He also spent 10 years in advice at MLC Australia in roles including head of advice growth and head of strategic growth and alliances.
Jones did not detail why the panel's members have been reduced for the upcoming term.
Each panel must consist of a chair, who is an ASIC staff member, and at least two other members, which ASIC must select from a list of eligible persons appointed by the minister.
Members have experiences from a wide range of fields including financial markets, financial services law, accounting and companies.
Representatives from the financial advice space include former Countplus chair Julie Berry, financial adviser and SMSF Association founder James Cotis, and Kaplan financial advice academic Jennifer Diggle.
“These reappointments will continue the high level of skills and experience available to the FSCP, to help ensure that key sectors of our economy are regulated effectively,” Jones said.
The re-appointments were Shabnam Amirbeaggi, Debra Anderson, Julie-Anne Berry, Kathryn Brown, Gabrielle Bouffler, Donna Caird, James Cotis, Don Crellin, Bruce Debenham, Hamish Dee, Jennifer Diggle, Brad Fox, David Giovanelli, William Hamilton, Katherine Hayes, Ross Illingworth, Chris MacEachern, Melissa Nolan, Peter Richards, Samantha Robinson, Kevin Smith, Gary Toomey, Lauren Walker, and Matthew Wigzell.
The previous members who will no longer sit on the panel are Ian Chambers, Gary Croker, Gary Deegan, Nick Hilton, David Murray, Craig Stephens and Judith Sullivan.
In the FSCP’s latest determination, it suspended an adviser’s registration for three months for failing to comply with his obligations when providing advice to three clients.
Ian Reid was referred to the FSCP by ASIC following a review that examined why some superannuation members continued to invest in persistently underperforming investment options under their choice superannuation products.
According to the FSCP, Reid had not complied with his obligations when providing advice to three clients, using records of advice that relied on statements of advice that had been given to the clients up to seven years ago.
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