Financial Services and Credit Panel (FSCP)
The Financial Services and Credit Panel (FSCP) is a pool of industry participants, appointed by the responsible Minister, that 魅影直播 draws upon when forming individual sitting panels.
The FSCP operates separately from, but alongside, 魅影直播鈥檚 existing administrative decision-making processes. The statutory functions and powers of the FSCP are set out in the and regulations. The pool of appointed industry participants is listed in the聽.
A sitting panel will be convened by 魅影直播 to consider certain suspected misconduct by, or circumstances relating to, a relevant provider. Each sitting panel comprises an 魅影直播 staff member and at least two members from the FSCP.
ASIC must convene a sitting panel in circumstances prescribed in regulation 12N of the聽. For example, 魅影直播 must convene a sitting panel where we reasonably believe that a relevant provider is not a fit and proper person to provide advice or a relevant provider becomes an insolvent under administration and 魅影直播 is aware of this.
A sitting panel has a range of powers that enable it to respond to a range of misconduct. These powers include:
- the power to direct relevant providers to undertake specified training, counselling, supervision or report certain matters to 魅影直播;
- the power to suspend or prohibit a relevant provider鈥檚 registration;
- the power to issue infringement notices in specified circumstances;
- the power to recommend that 魅影直播 commence civil penalty proceedings; and
- the power to accept enforceable undertakings from relevant providers.
罢丑别听FSCP Outcomes Register聽contains decisions of the FSCP and a brief explanation of the background to the decisions.
For less serious misconduct, 魅影直播 is not required to convene a sitting panel, but must issue a warning or reprimand if we do not propose to convene a sitting panel or exercise our other enforcement powers.
More information
- See Regulatory Guide 263 Financial Services and Credit Panel (RG 263) for the principles and processes relating to the FSCP.
- See Information Sheet 270 Warnings and reprimands (INFO 270) for guidance about when 魅影直播 will issue a warning or reprimand.
- See also Information Sheet 273 FSCP decisions: Your rights (INFO 273)
- See Information Sheet 276 FAQs: Registration of relevant providers聽(INFO 276)