New adviser banning panel proposed by ASIC

New adviser banning panel proposed by ASIC

ASIC has issued a consultation paper exploring whether a new panel should be created to include a peer-review element in the regulator’s financial adviser banning process.


The proposed 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 and decide whether or not ASIC should ban certain individuals.

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.

Read more:

Steepening yield curve a risk for long-dated bonds

Banks wary about ASIC product intervention

First State Super acquires NSW land registry

Business investment tipped to improve: NAB

US REITs benefiting from demographic shifts

Related Articles

 

New adviser banning panel proposed by ASIC
investordaily image
ID logo
promoted stories

Appointments

Rod Bristow

Former CommSec COO joins fintech company as CEO

Staff Reporter

Brian Thomas

Boutique manager hires Perennial executive

Staff Reporter

Tania Cummin

Equip Super appoints strategy and markets executive

Staff Reporter

Analysis

investordaily image

A correction, not a turning point

James Swanson

Martin Dropkin

Why bond covenants matter

Martin Dropkin

Maurizio Canton

Striking a balance between security and innovation

Maurizio Canton