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Single Disciplinary Body will be a virtual experience

By Mike Taylor28 February 2022

The Australian Securities and Investments Commission (ASIC) is proposing that the Single Disciplinary Body (SDB) covering financial advisers via Financial Services and Credit Panels (FSCPs) will generally sit virtually.

In a discussion paper issued today, the regulator said it considered it appropriate to generally convene hearings of a sitting panel using audio-visual teleconferencing.

It said this would manage costs and promote efficiency in conducting hearings.

As well, ASIC is proposing that it will name financial advisers against whom an adverse finding is made by a SDB panel when the panel’s decision has to be displayed on the Financial Adviser Register (FAR).

It said that as a general principle, ASIC considered there was significant public interest in ensuring that investors and consumers and the broader community were aware of an informed about the actions that ASIC and other regulatory bodies like the FSCP take.

However, ASIC noted that under the Better Advice Act and related regulations, the names of financial advisers affected by decisions of a sitting panel of the FSCP only need to be publicly displayed on the Financial Advisers Register in specified circumstances.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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