RG 263 provides an overview of the purposes and composition of the FSCP, an outline of the actions a sitting panel may take, as well as the FSCP’s processes and procedures around hearings, decisions, and confidentiality.

The updated version of RG 263 takes into account submissions received in response to Consultation Paper 359.

It has also released a new information sheet, INFO 273, which outlines the rights of financial advisers affected by an FSCP decision.

This includes information about how to make an application to vary or revoke FSCP decisions and how to seek an independent review of FSCP decisions.

Advisers may apply to ASIC for a variation or revocation of a decision made by a sitting panel to direct that adviser to undertake specified training, supervision, counselling or reporting, or to make an order suspending or cancelling their registration.

“ASIC will determine whether to convene another sitting panel to consider your application,” said ASIC.

“Various matters may be relevant to ASIC’s decision whether to convene a sitting panel, such as whether there has been a change in the circumstances that led to a sitting panel giving the direction or order to the financial adviser.”

INFO 273 also explains that advisers may have the right to seek a review of the decision by the Administrative Appeals Tribunal.

“Not all decisions of a sitting panel can be reviewed by the AAT. For example, a decision to issue an infringement notice or to accept an enforceable undertaking is not reviewable by the AAT,” the information sheet stated.

Advisers will need to apply for the review within 28 days of being told why a decision was made.

ASIC commissioner Danielle Press said the FSCP has been given its own functions and powers to consider and take action in response to financial adviser misconduct.

“We look forward to working with the industry members of the FSCP who will bring their technical knowledge and practical experience to disciplinary decisions,” said Ms Press.

“The FSCP, combined with ASIC’s new warning and reprimand powers, enables ASIC to respond to a range of financial advice misconduct, including lower-level misconduct that may otherwise go unaddressed.”

In addition to this new guidance, ASIC has also published Report 734 Response to submissions on CP 359 Update to RG 263 Financial Services and Credit Panel (REP 734).

The report highlights the key issues that arose out of the submissions received on CP 359 and details ASIC's responses to those issues.