Eighteen members have now been appointed to the new Financial Services and Credit Panel (FSCP). The role of the FSCP will be to decide whether ASIC makes banning orders against individuals for misconduct in the course of providing retail financial services and/or engaging in credit activities where the matter is appropriate for peer review because of its significance, complexity or novelty.
ASIC has also released Regulatory Guide 263 Financial Services and Credit Panel (RG 263) which sets out the principles and processes of the FSCP, including:
- the types of matters to be referred to sitting panels of the FSCP; and
- the hearing procedures and decisions of the FSCP.