ASIC has released which sets out the principles and processes of the Financial Services and Credit Panel (FSCP). The FSCP sits alongside ASIC’s existing administrative processes and assists us with making administrative decisions on certain matters relating to retail financial services and credit activities.

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.

RG 263 covers the types of matters to be referred to sitting panels of the FSCP and the hearing procedures and decisions of these panels.