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Friday 10 November 2017

17-381MR ASIC announces the initial members of the Financial Services and Credit Panel

Following expressions of interest from leaders in the financial services and consumer credit industry to become members of the Financial Services and Credit Panel ('FSCP'), ASIC has selected for appointment the following people:

Annette Spencer Gaye Simpson
Brad Fox Gayle Cilfone
Bruce Debenham Jennifer Diggle
Calvert Duffy Johanna Turner
Christine McArthur Naomi Layton
Dacian Moses Peter Wade
Don Crellin Stephen Cavanagh
Fiona Rowland Brian Salter
Gabrielle Bouffler Cherie Feher

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.'

Thank you to all who expressed interest in the panel. We were delighted with the response from people in the market who are eager to assist ASIC with this very important initiative and the depth of experience and professionalism they represent.

The FSCP is a pool of industry participants that ASIC will draw upon when forming individual sitting panels. Each sitting panel will comprise two members from the FSCP and an ASIC staff member. The sitting panel will hold administrative hearings and decide whether to make banning orders against individuals for misconduct in providing financial services to retail clients or engaging in credit activities.

To support the FSCP, ASIC will release regulatory guidance which provides an overview of the FSCP and sets out the policies and procedures relevant to the operation of the panel.

Background

On 11 April 2017, ASIC released Consultation Paper 281, Financial Services Panel (CP 281) on a proposal to establish a panel. ASIC sought feedback on the optimal composition of a sitting panel, the type of matters the panel would consider, and the regulatory and financial impact of the panel. Consultation closed on 23 May 2017.

ASIC received responses from industry bodies, banks, consumer groups and other interested parties. Most respondents supported ASIC's proposal to establish the panel.

ASIC called for expressions of interest which closed on 14 September 2017.

[Release amended 13 November 2017 by adding 'Cherie Feher' to list of members.]

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Last updated: 13/11/2017 09:23