ASIC seeks feedback on adviser disciplinary body

The Australian Securities and Investments Commission is seeking feedback from advisers on the Financial Services and Credit Panel.

The panel was granted its own legislative functions and powers to address a range of misconduct related to financial advisers under the Better Advice Act.

This followed calls during the Hayne Royal Commission for a single, central disciplinary body to be established for financial advisers. Its powers included the ability to issue infringement notices, suspend advisers’ registration and enter into enforceable undertakings against advisers, among others.

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Feedback was sought on ASIC’s 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.

Feedback was sought from advisers by 28 March, 2022.

 

 




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The usual token gesture by ASIC.

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