In support of the recently passed Better Advice Bill – which sees the FSCP established within ASIC as the single disciplinary body for financial advisers – the corporate regulator will be “responsible for convening individual panels to consider disciplinary matters”.
The members include Shabnam Amirbeaggi, Debra Anderson, Julie‑Anne Berry, Gabrielle Bouffler, Kathryn Brown, Donna Caird, Ian Chambers, James Cotis, Donald Crellin, Gary Croker, Bruce Debenham, Hamish Dee, Gary Deegan, Jennifer Diggle, Bradley Fox, David Giovanelli, William Hamilton, Katherine Hayes, Nicholas Hilton, Ross Illingworth, Chris MacEachern, David Murray, Melissa Nolan, Peter Richards, Samantha Robinson, Kevin Smith, Craig Stephens, Judith Sullivan, Gary Toomey, Lauren Walker, and Matthew Wigzell.
“The candidates bring with them a range of knowledge and experience across the fields of business, administration of companies, financial markets, financial products and financial services, law, economics, accounting, taxation and credit activities and credit services,” a statement released this week read.
“The members of the FSCP have been appointed following consultation with industry to ensure the membership has industry knowledge and experience. Financial advisers’ misconduct will therefore be assessed and sanctioned by their peers, driving further improvements in the industry.”
We can rest assured that as Jane Hume and Josh Frydenberg orchestrated this, there are going to be some serious failings. Failure seems to go hand in hand with Frydenberg and Hume.
Is the David Murray listed, the ex head of CBA and the ex Chair of AMP?
With only about 25% of these members being financial planners, how can the government say we will be assessed and sanctioned by our peers.
After all, most of these people are in positions that gives them great power but are beyond the reach of ASIC and will never be assessed and sanctioned.
You don’t need to have the relevant qualifications and experience to be appointed to a top government post these days. Just look at the cabinet – how many ministers actually understand their portfolios?
Everyone is a peer to a financial planner.