Reprimands, warnings and a few adviser suspensions | Australian Markets

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Reprimands, warnings and a few adviser suspensions | Australian Markets


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Two years after it was established because the Single Disciplinary Body protecting the financial planning occupation, the Financial Services and Credit Panel (FSCP) has issued a lot of reprimands and warnings, however solely a few suspensions.

The FSCP handed down its first resolution on 39 May, 202, and initiated its first suspension of an adviser’s registration six months later and it took almost a 12 months earlier than a second registration suspension order was issued in November, final 12 months.

The panel introduced a additional “registration prohibition” in opposition to an adviser in February this 12 months.

The FSCP adjudications additionally level to situations the place self-licensed financial advisers and some working for so-called “micro-licensees” had been required to report points to the Australian Securities and Investments Commission (ASIC),

At least two advisers had been required to deal with ASIC on the premise of a retaining the providers of an unbiased compliance skilled.

In one such occasion, the panel’s resolution said: “The relevant provider is required to provide the independent person’s findings as a result of their audit to ASIC, and the relevant provider must bear the cost of the work undertaken by the independent person under the written direction”

An examination of the FSCP’s adjudications factors to financial advisers most frequently working into bother when coping with shoppers’ superannuation and non-concessional contributions specifically.

Despite outward perceptions of frequent financial adviser misconduct or failings, the FSCP has on average dealt with about 12 instances a 12 months and in some situations has decided that no motion was required.

The FSCP panels operate on the premise of an ASIC workers member and at the least two of the 24 members appointed by the Treasury many of them skilled training advisers.

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