Home / Legislation / Associations called on to fill FSCP review body

Associations called on to fill FSCP review body


After an incredibly busy few months for the financial advice industry, the regulatory structure and single disciplinary body is beginning to take shape. The passing of the Better Advice Bill finally disbanded the Financial Adviser Standards and Ethics Authority (FASEA), passing the torch to ASIC’s Financial Services and Credit Panel.

The FSCP will be tasked with assessing and ruling on adviser breaches, with the members to be made up of various industry representatives. In the year to 1 July the panel had shrunk from 18 members to 16, with those remaining being released from their roles ahead of a new application process.

The regulator has sought assistance from the professional adviser institutions, including the Financial Planning Association and SMSF Association, with the hope that both industry participants, consultants, consumer advocates and those from other professions will be involved.

  • With the panel set to commence its work from 1 January 2022, the roles will need to be filled within the next ten weeks. One of the biggest issues faced by the government is clearly finding those with real world advice experience but also who have the ability to commit sufficient time on a weekly or monthly basis to hear any cases. 

    According to the Department of Treasury, individuals are able to self nominate to join the FSCP’s group of potential members.

    Staff Writer

    Print Article

    The 6 ways policymakers can fix advice in the 2024/25 budget: FAAA

    The collation of issues is an important marker for how many areas of advice legislation still need improvement for the industry to thrive, with fairness at the heart of all the proposals put forward by the association.

    Tahn Sharpe | 5th Feb 2024 | More
    Super tax break costs misrepresented: Mercer

    The idea that superannuation tax concessions are costing the government more than the Age Pension is based on bad analysis, according to Mercer, which found that concessions will actually save taxpayers in the long run.

    Lisa Uhlman | 31st Aug 2023 | More
    Review into ASIC funding model recommends levy discount cut and… another review

    While finding that more research is needed to determine if the “definitions, metrics and formulas” used to calculate levies remain fit‑for‑purpose, Treasury was able to determine that advisers should no longer benefit from discounted levies.

    Tahn Sharpe | 29th Jun 2023 | More
  • Popular posts: