In December 2015, the report of the ASIC Capability Review made a number of findings about ASIC. Of relevance, recommendation 28 states as follows:

ASIC to proactively develop opportunities to enhance the use of co-regulation for selected groups of the regulated population where this will deliver superior regulatory outcomes, including through strengthened licensing and registration regimes’.

In light of this recommendation, on 11 April 2017 ASIC released a consultation paper, CP 281 Financial Services Panel, on its proposal to develop and implement a Financial Services Panel (the Panel) that would be responsible for determining whether ASIC will make a banning order against individuals for financial services and credit misconduct.

This would add a strong element of peer review to a subset of ASIC’s administrative decisions. ASIC Chairman Greg Medcraft commented ‘ASIC’s aim in establishing a Panel is to enhance the impact of ASIC’s administrative decisions…the significance of being judged by peers cannot be underestimated’.

ASIC anticipates the Panel will be established by August 2017.

For further details refer to ASIC’s website.


This document is designed to provide helpful general guidance on some key issues relevant to this topic. It should not be relied on as legal advice. It does not cover everything that may be relevant to you and does not take into account your particular circumstances. It is only current as at the date of release. You must ensure that you seek appropriate professional advice in relation to this topic as well as to the currency, accuracy and relevance of this material for you.

Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners of Radford Lawyers Pty Limited are members of the scheme.