The corporate regulator has released a consultation paper proposing the establishment of a new panel, which will decide whether ASIC should ban certain individuals.
ASIC has said today that the Financial Services Panel would add an element of peer review to the regulator’s administrative decision-making processes.
The panel would comprise financial services and credit industry participants and non-industry participants (e.g. lawyers or academics) with relevant expertise, and at least one ASIC staff member.
It would be responsible for determining whether ASIC should ban individuals from the financial services and credit industries for misconduct.
“We would select matters and refer them to the panel where they are significant, complex or novel,” ASIC said.
“Over time, we may expand the range of matters on which the panel will make decisions.”
ASIC chairman Greg Medcraft said the aim in establishing the panel is to “enhance the impact of ASIC's administrative decisions”.
“The significance of being judged by peers cannot be underestimated. Peer review panels are a form of co-regulation in Australia and overseas,” he said.
“The panel will also bring broader experiences and perspectives into ASIC's decision making and ensure decisions reflect current industry practices and standards.”
In the consultation paper, ASIC is seeking feedback on how the panel would enhance the impact of ASIC's administrative decisions, the types of matters that would be referred to the panel and the optimal composition of the panel.
Submissions on consultation are due by 23 May 2017.
ASIC’s proposal comes after ifa published an in-depth feature last month questioning whether the regulator’s banning processes are fair.
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