ASIC has today released regulatory guidance on the newly established Financial Services and Credit Panel (FSCP).
Regulatory Guide 263 Financial Services and Credit Panel (RG 263) sets out the principles and processes of the FSCP. It covers the types of matters to be referred to sitting panels of the FSCP and the hearing procedures and decisions of these panels.
The role of the FSCP will be to decide whether ASIC makes banning orders against individuals for misconduct in the course of providing retail financial services and/or engaging in credit activities where the matter is appropriate for peer review because of its significance, complexity or novelty.
RG 263 should be read in conjunction with regulatory guides and information sheets we have published on our administrative decision-making processes and how we will administer the financial services provisions of the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 – these include:
- Regulatory Guide 98 Licensing: Administrative action against financial services providers (RG 98)
- Regulatory Guide 218 Licensing: Administrative action against persons engaging in credit activities (RG 218)
- Regulatory Guide 8 Hearings practice manual (RG 8).
RG 263 takes into account feedback from stakeholders following public consultation earlier this year. Most respondents to the consultation supported the establishment of the panel. Please see the feedback report on the consultation process, Report 551 Response to Submissions on CP 281 Financial Services Panel.
Background
In April 2017, ASIC released Consultation Paper 281, Financial Services Panel (CP 281). We consulted on a proposal to establish a panel to sit alongside our existing administrative processes and make a subset of ASIC's decisions.
We consulted on how the proposed panel would enhance the impact of ASIC's administrative decisions; the types of matters that would be referred to the each sitting panel; and the optimal composition of each sitting panel.
On 10 November, following a call for expressions of interest, we announced we had selected for appointment initial members of the FSCP (Refer: 17-381MR)