ASIC Seeks Comments on New Financial Services and Credit Panel
On Monday, February 28, ASIC confirmed that it was seeking comments on the new Financial Services and Credit Expert Panel (FSCP) and its role, including when to convene an expert panel and make public the decisions of expert groups.
Earlier this month, the Morrison government announced 31 part-time members to the FSCP in support of the recently passed Best Advice Bill – which provides for the FSCP to be established within ASIC as a single disciplinary body for financial advisers – and considers the regulator “responsible”. to convene individual juries to consider disciplinary matters”.
The executive director of the Association of Independently Owned Financial Professionals (AIOFP), Peter Johnston, took aim at the FSCP shortly after its formation.
“The Financial Services and Credit Committee [FSCP] ad by [financial services minister Jane Hume] is confusing to say the least,” Johnston said.
“How can you have a panel that is supposed to represent the consultancy industry containing only two politically damaged hybrid associations and one institution-dominated with minimal adviser members?
The regulator said on Monday: “ASIC encourages input from industry and other interested stakeholders on its proposed approach to establishing principles and processes relating to the FSCP.”
Comments can be submitted now and closes at 5 p.m. on Monday, March 28.
Neil is the Associate Editor for Wealth Headlines including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.