Financial Services and Credit Panel

Treasury
The Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Act 2021 establishes the Financial Services and Credit Panel (FSCP) within the Australian Securities and Investments Commission (ASIC) to be the single disciplinary body for financial advisers from 1 January 2022. ASIC will be responsible for convening individual panels to consider disciplinary matters. A panel may take administrative action against a financial adviser, including warnings or reprimands, directions to undertake specific training, supervision, counselling or reporting, and orders suspending or cancelling an adviser’s registration. For certain types of breaches, a FSCP may give the adviser an infringement notice or recommend that ASIC apply to the court for a civil penalty.

Further information

  • Type of Body

    E. Statutory Office Holder Offices and Committees

  • Established By / Under

    Act / Regulation

  • Established By/Under More info

    Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021

  • Paid Members?

    Yes

  • Max No. of Board/Committee Members

    0

  • Annual Report Prepared and tabled?

    No

  • Classification

    B. Secondary

  • Function Categorization

    Tribunal

  • Creation Date

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