ASIC appoints members to FSCP
The Australian Securities and Investments Commission (ASIC) has appointed members to the Financial Services and Credit Panel (FSCP) to enable access to a pool of industry participants it can draw upon when forming individual sitting panels.
The corporate regulator announced the panel following expressions of interest from leaders in the financial services and consumer credit industry.
Each sitting panel would consist of two members from the FSCP and an ASIC staff member. The sitting panel would hold administrative hearings and decide whether to make banning orders against individuals for misconduct in providing financial services to retail clients or carrying out credit activities.
ASIC chairman, Greg Medcraft, said: “A peer review panel such as the FSCP will enhance the impact of ASIC’s administrative decisions because it draws upon the broad range of knowledge and experience of professionals in the financial services and credit industry”.
“Our administrative decisions will benefit from the input of professionals who have a thorough understanding of current industry practices and standards.”
ASIC has selected the following people for the panel:
- Annette Spencer
- Brad Fox
- Bruce Debenham
- Calvert Duffy
- Christine McArthur
- Dacian Moses
- Don Crellin
- Fiona Rowland
- Gabrielle Bouffler
- Gaye Simpson
- Gayle Cilfone
- Jennifer Diggle
- Johanna Turner
- Naomi Layton
- Peter Wade
- Stephen Cavanagh
- Brian Salter
ASIC said it would release regulatory guidance which would provide an overview of the FSCP and set out the policies and procedures relevant to the operation of the panel.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.