Financial Services and Credit Panel

The Financial Services and Credit Panel (FSCP) assists ASIC with making administrative decisions on certain matters relating to retail financial services and credit activities.

Note: The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 was introduced into the Parliament on 24 June 2021.

One of the proposed changes in the Bill will affect how the FSCP operates and give the FSCP statutory functions and powers. The changes are proposed to start on 1 January 2022, subject to the passing of legislation by the Parliament.

In light of these proposed changes, the current structure and operation of the FSCP is likely be superseded on 1 January 2022 and accordingly, ASIC allowed its arrangements with members of the FSCP to expire on 30 June 2021.

As a result, from 1 July 2021 there are no members of the FSCP.

The FSCP is a pool of industry participants that ASIC draws upon when forming individual sitting panels.

Each sitting panel comprises two members from the FSCP and an ASIC staff member.

Sitting panels operate alongside our existing administrative decision-making processes for retail financial services and credit activities by providing an element of peer review.

Sitting panels decide whether we will make banning orders against individuals for misconduct in the course of providing retail financial services and/or engaging in credit activities.

A banning matter may be referred to an individual sitting panel where we consider it appropriate for peer review because of its significance, complexity or novelty.

See Regulatory Guide 263 for more information about the principles and processes 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 FSCP, ASIC has initially selected for appointment the following people:

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

Background information on members will be provided shortly.

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Last updated: 01/07/2021 08:34