ASIC consults on Financial Services Panel, to peer review industry bans


ASIC is consulting on the establishment of a new panel, the Financial Services Panel, which would determine if the regulator should ban individuals from providing financial services.

ASIC is proposing establishing the Financial Services Panel, which would be “responsible for determining whether ASIC should ban individuals from the financial services and credit industries for misconduct”.

“We would select matters and refer them to the Panel where they are significant, complex or novel. Over time, we may expand the range of matters on which the Panel will make decisions,” says ASIC.

“The Panel would comprise financial services and credit industry participants and non-industry participants (e.g. lawyers or academics) with relevant expertise, and at least one ASIC staff member. The Panel would sit alongside ASIC’s existing administrative structures and processes.”

“The Panel would add a strong element of peer review to ASIC’s administrative decision making processes.”

ASIC Chairman Greg Medcraft said: “ASIC’s aim in establishing a Panel is to enhance the impact of ASIC’s administrative decisions.”

“The significance of being judged by peers cannot be underestimated. Peer review panels are a form of co-regulation in Australia and overseas,” he said.

“The Panel will also bring broader experiences and perspectives into ASIC’s decision making and ensure decisions reflect current industry practices and standards.”

ASIC is consulting on the “optimal” composition of the Panel, the types of matter that would be referred and how the Panel would enhance the impact of ASIC’s administrative decisions.

Submissions in response to Consultation Paper 281 Financial Services Panel (CP 281) are due by 23 May 2017.

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