FSCP Privacy Policy

Financial Services and Credit Panels (we, us, FSCPs) are convened by ASIC under the Australian Securities and Investments Commission Act 2001(ASIC Act) to consider certain suspected misconduct by, or circumstances relating to, a financial adviser. Our functions and powers are set out in the ASIC Act, the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 (NCCP Act). 

FSCPs comply with obligations under the Privacy Act 1988 (Privacy Act). We handle personal information in accordance with the Australian Privacy Principles (APPs) which regulate how Australian Government agencies and defined organisations may collect, store, use and disclose personal information, and how individuals may access and correct personal information held about them. 

ASIC manages privacy on behalf of FSCPs. The acts done, or practices engaged in, by convened FSCPs are treated as the acts and practices of ASIC for the purposes of the Privacy Act. For more information about ASIC’s privacy handling practices visit ASIC’s Privacy Policy. 

Collection and Storage  

We collect personal information directly from individuals or their authorised representatives, as well as from ASIC and other third parties for the purposes of the performing our functions and exercising our powers as set out in the ASIC Act, the Corporations Act and the NCCP Act. 

This personal information may include contact details, biographical data, financial information, occupational and employment histories, and family background and investment information. 

Personal information provided to the FSCPs will be stored by ASIC in accordance with its usual record keeping procedures and treated in accordance with ASIC’s Privacy Policy. 

Use and Disclosure  

We use and disclose personal information for the purpose for which it was collected, being the performance of our functions or the exercise of our powers and in accordance with our statutory obligations.  

FSCPs will use personal information to carry out the functions and activities of a convened FSCP, including conducting hearings, deciding matters and writing reasons for decisions.   

We may disclose personal information to ASIC for the purposes of the performance of ASIC’s functions, or the exercise of its powers. This includes disclosing the details of any action taken and outcomes of FSCP matters to ASIC. We may be required or authorised by law to disclose personal information. 

ASIC may issue a media release about matters (see Regulatory Guide 263: Financial Services and Credit Panel) or otherwise disclose personal information as required. For instance, certain outcomes may require ASIC to update the Financial Advisers Register, the FSCP Outcomes Register and/or notify the Tax Practitioners Board and the relevant AFS licensee. 

Actions you can take

ASIC’s Privacy Policy includes information on how you can seek access to or correction of your personal information or make a privacy complaint. 

Last updated: 18/01/2023 09:21