ASIC has released new regulatory guidance about the single disciplinary body and financial advisers’ dealing with it.
Regulatory guide 263 provides an overview of the purposes of the FSCP — established within ASIC as the single disciplinary body for financial advisers in support of the Better Advice Bill — as well as processes and procedures around hearings and decisions.
Meanwhile, information sheet 273 explains the rights of advisers affected by an FSCP decision, including how to make an application to vary or revoke a decision and how to seek an independent review of an FSCP decision.
Under the ruling, ASIC can refer disciplinary matters regarding financial advisers to the FSCP. The FSCP acts separately from, but alongside, ASIC’s own administrative decision-making processes.
“The FSCP has been given its own functions and powers to consider and take action in response to financial adviser misconduct. We look forward to working with the industry members of the FSCP who will bring their technical knowledge and practical experience to disciplinary decisions,” ASIC commissioner Danielle Press said.
“The FSCP, combined with ASIC’s new warning and reprimand powers, enables ASIC to respond to a range of financial advice misconduct, including lower-level misconduct that may otherwise go unaddressed.”
About 31 part-time members were announced for the FSCP in February, which drew some criticism from industry groups.
Despite some backlash, the Financial Planning Association of Australia (FPA) head Sarah Abood said the body should be seen as a “positive” for the advice sector during an appearance on the ifa Show podcast.
“We’ve seen the panel members, that list released recently, and I think what I like about that is there are representatives across that panel from the broad sectors of the industry,” Ms Abood said.
“I think there’s maybe been a bit of misunderstanding that the reason that panel is so broad is so that we can make sure that people who understand the particular issue are the ones that are reviewing it.
“So, we’re not going to see a situation where someone from a timeshare apartment background is going to be sitting in judgement on a comprehensive advice financial adviser. Pretty confident that’s not going to happen, but I think it’s great news that we have that, and I certainly see some potential positives coming from that.”
Listen to the full episode with Ms Abood here.
God help the poor sod just trying to run a business and look after clients.
More things to pay for!
They should call it the 1/8th disciplinary body…. there is nothing singular about this!
Another body to complicate things whilst claiming to simplify things. Time to leave because I need to watch Yes Minister.
Yes, it now referred to as
“simplifcomplication” !!
This is when authorities, regulators and Govt pretend it’s simplifying things when it’s really just over complicating everything so they are the only ones that knows what’s going on, confuses everyone and continues to place control in the hands of those who least understand.
Maintaining complex regulation is absolutely essential in maintaining control and power.
The first thing that should happen is an ASIC audit for all the clients of the adviser members that sit on this panel.
I bet I could find a breach within 10 minutes.
Also ASIC staff? Seems when the boss wants accounting fees paid staff at ASIC simply pay – no guidelines or responsibility I assume so who knows what they are all up too?
I can’t wait to start paying for this too.
How is it a Single Disciplinary Body ?
Ms Hume, Frydenberg and ASIC making up
utter lies.
Get rid of AFCA,
Get rid of TPB,
Get rid of ASIC’s seperate disciplinary powers,
Get rid of AFSL compliance oversight,
Get rid of FARSEA compliance oversight,
Get rid of ALL other compliance oversight and then it maybe a SDB.
UNTIL THEN IT’S UTTER LIES !!!
You have it correct . . . except for one thing . . . it is FARCE-IA, not FARSEA