FSCP decisions: Your rights

This is Information Sheet 273 (INFO 273). It sets out an overview of your rights and how to exercise them when the Financial Services and Credit Panel (FSCP) has made a decision about you. You may have other rights in addition to those discussed here.

The Financial Services and Credit Panel (FSCP) is a pool of industry participants, appointed by the responsible Minister, that ASIC draws upon when forming individual sitting panels. Where a sitting panel has made a decision about you, you have certain rights connected with the decision.

How can you get more information about a decision?

Talk to the decision maker about the decision

Chair of the sitting panel – If you need to clarify anything relating to the decision, you may find it helpful to discuss it with the chair of the sitting panel that made the decision.

Administrative Law Team – You can also contact the Senior Manager, Administrative Law Team, by email to senior.manager.alt@asic.gov.au or by mail to:

Senior Manager, Administrative Law Team
Australian Securities and Investments Commission
GPO Box 9827 Brisbane QLD 4001

The Senior Manager, Administrative Law Team, can explain how to exercise the rights set out in this information sheet. It would be best to do this promptly because there is a 28-day time limit on some applications you may wish to make.

Get the reasons in writing

The FSCP is required to provide you with reasons for the decision it has made about you.

If you do not have these reasons, you can ask for a copy from the FSCP. You can do so by emailing FSCP.secretariat@asic.gov.au.

Ask for access to other documents

You may be able to seek access to documents about the decision under the Freedom of Information Act 1982.

How to apply

You must apply to ASIC in writing, stating clearly which documents you want to obtain. You may send your application by email to FOIrequest@asic.gov.au or by mail to:

Senior Manager, FOI Team
Australian Securities and Investments Commission
GPO Box 9827 Brisbane QLD 4001

Charges may be imposed for the time spent in searching for and retrieving relevant documents, decision-making time, photocopying and postage.

For more information contact the FOI Team by emailing FOIrequest@asic.gov.au.

Can you apply to ASIC to have the decision varied or revoked?

You may apply to ASIC for a variation or revocation of a decision made by a sitting panel to direct you to undertake specified training, supervision, counselling or reporting, or to make an order suspending or cancelling your registration.

You can apply for a variation or revocation in writing to ASIC by emailing FSCP.secretariat@asic.gov.au.

ASIC will determine whether to convene another sitting panel to consider your application. Various matters may be relevant to ASIC’s decision whether to convene a sitting panel, such as whether there has been a change in the circumstances that led to a sitting panel giving the direction or order to the financial adviser.

For more information, see Regulatory Guide 263 Financial Services and Credit Panel (RG 263) at RG 263.35.

Can you seek an independent review?

You may have a right to seek a review of the decision by the Administrative Appeals Tribunal (AAT). The AAT is an independent body which can review some decisions made by sitting panels. The AAT can, among other things:

  • confirm the sitting panel’s decision
  • vary the sitting panel’s decision, or
  • set aside the sitting panel’s decision and replace it with its own decision.

Not all decisions of a sitting panel can be reviewed by the AAT. For example, a decision to issue an infringement notice or to accept an enforceable undertaking is not reviewable by the AAT.

How to apply to the AAT

In writing

You must apply to the AAT for review in writing. This can be done online or by letter or email. Alternatively, the AAT has an application form which you may choose to use.

The AAT website contains further details on how to apply for review of a decision.

In time

You must apply for the review within 28 days of being told why the decision was made.

Pay the fee

You must enclose the application fee with your application.

If you want to apply for the application fee to be reduced or waived, you can obtain the Request for fee reduction form from the AAT website.

If you have any questions about the AAT's procedures and requirements, see www.aat.gov.au, call the AAT on 1300 366 700 or write to the AAT at GPO Box 9955 in your capital city.

Where you can get more information

  • Send your request for more information by email to ASIC’s FSCP Secretariat at FSCP.secretariat@asic.gov.au.
  • Visit the AAT website at aat.gov.au.
  • Visit the Office of the Australian Information Commissioner (OAIC) website at oaic.gov.au.
  • See also RG 263 Financial Services and Credit Panel.

Important notice

Please note that this information sheet is a summary giving you basic information about a particular topic. It does not cover the whole of the relevant law regarding that topic, and it is not a substitute for professional advice. Omission of any matter on this information sheet will not relieve a company or its officers from any penalty incurred by failing to comply with the statutory obligations of the Corporations Act.

You should also note that because this information sheet avoids legal language wherever possible, it might include some generalisations about the application of the law. Some provisions of the law referred to have exceptions or important qualifications. In most cases, your particular circumstances must be taken into account when determining how the law applies to you.

Information sheets provide concise guidance on a specific process or compliance issue or an overview of detailed guidance.

This information sheet was issued in August 2022.

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Last updated: 03/03/2023 12:32