Following a proposal to establish a panel earlier this year, ASIC has selected 18 individuals, who will be tasked to hold administrative hearings and decide whether to make banning orders against individuals for misconduct in providing financial services to retail clients or engaging in credit activities.
CA ANZ chairperson, regional and rural advisory committee, Bruce Debenham, and head of risk and compliance at DJ Carmichael Gabrielle Bouffler have been named as panel members.
Also named were NAB head of management assurance growth partnerships and marketing, Christine McArthur, Suncorp compliance consultant Gaye Simpson, and former Association of Financial Advisers (AFA) chief executive Brad Fox.
Other members include Annette Spencer, Calvert Duffy, Dacian Moses, Don Crellin, Fiona Rowland, Gayle Cilfone, Jennifer Diggle, Johanna Turner, Naomi Layton, Peter Wade, Stephen Cavanagh, Brian Salter, and Cherie Feher.
“A peer review panel such as the FSCP will enhance the impact of ASIC's administrative decisions because it draws upon the broad range of knowledge and experience of professionals in the financial services and credit industry,” said outgoing ASIC chairman Greg Medcraft.
“Our administrative decisions will benefit from the input of professionals who have a thorough understanding of current industry practices and standards.”
To support the FSCP, ASIC will release regulatory guidance which provides an overview of the FSCP and sets out the policies and procedures relevant to the operation of the panel.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.