Financial Services and Credit Panel

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.