ASIC seeks feedback on proposed FSCP regulatory guidance
7 March 2022
The consultation paper follows changes that commenced this year, in which the FSCP became the single disciplinary body for financial advisers. This was a recommendation made by the Hayne royal commission.
ASIC wants submissions in relation to its proposed approach to determining when to convene a sitting panel of the FSCP; to generally hold hearings of sitting panels using technology; and publicising decisions of sitting panels.
On when ASIC may convene a sitting panel, ASIC makes a number of suggestions including taking into consideration the “regulatory benefit” that may be derived from referring a matter to a sitting panel.
For example, it may look at whether misconduct is widespread or part of a growing trend, and whether referring the matter to a sitting panel will send an effective and deterrent message to industry.