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.
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