Consultation on Financial Services Panel launched

Consultation on Financial Services Panel launched | Insurance Business

Consultation on Financial Services Panel launched
The Australian Securities & Investments Commission (ASIC) is seeking industry feedback on its proposal to develop and implement a Financial Services Panel.

Speaking about the importance of a Panel in enhancing ASIC’s administrative decisions, chairman Greg Medcraft said: “The significance of being judged by peers cannot be underestimated. Peer review panels are a form of co-regulation in Australia and overseas.

“The panel will also bring broader experiences and perspectives into ASIC’s decision making and ensure decisions reflect current industry practices and standards.

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“ASIC is proposing that the panel 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. Over time, we may expand the range of matters on which the panel will make decisions.”

The panel will be made up of participants from the financial services and credit industry, such as lawyers and academics, and at least one ASIC staff member.

ASIC will be consulting on:
  • how the panel would boost the impact of the regulator’s administrative decisions;
  • what types of matters would be referred to the panel; and
  • what is the optimal composition of the panel.

Interested parties have until May 23, 2017 to submit on Consultation Paper 281 Financial Services Panel (CP 281).

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