Former AFA Chief Executive, Brad Fox has been named as one of initial members of ASIC’s newly formed peer review body, the Financial Services and Credit Panel (FSCP).
Fox was named with 17 other financial services and consumer credit industry professionals after ASIC called for expressions of interest in joining the panel earlier this year.
The members of the FSCP will act as a pool of industry participants that ASIC can draw upon when forming individual sitting panels to hear different matter in the financial services and consumer credit sectors.
Each sitting panel will have two FSCP members and an ASIC staff member and will hold administrative hearings which include the ability to make banning orders against individuals for misconduct.
ASIC Chair, Greg Medcraft said the panels would enhance the impact of ASIC’s administrative decisions as they drew on the range of knowledge and experience of professionals in the financial services and credit industry.
The panel was first proposed in April 2017 (see: ASIC Proposes Peer Review Panel For Banning Advisers) and ASIC has stated that it received supportive responses from industry bodies, banks, consumer groups and other interested parties regarding the establishment of the panel.
Fox is the second senior figure tied to the AFA to be chosen for a role with a Government body after former AFA President, Deb Kent was named to the board of the Financial Adviser Standards and Ethics Authority in April 2017 (see: Former AFA President Named to Professional Standards Body).
The full panel is as follows:
- Annette Spencer
- Brad Fox*
- Brian Salter
- Bruce Debenham
- Calvert Duffy
- Cherie Feher
- Christine McArthur
- Dacian Moses*
- Don Crellin
- Fiona Rowland
- Gabrielle Bouffler
- Gaye Simpson
- Gayle Cilfone
- Jennifer Diggle*
- Johanna Turner
- Naomi Layton
- Peter Wade
- Stephen Cavanagh
* – denotes those with a background in financial planning and advice
So, of the individuals selected, only three meet the definition of a ‘peer’.
Great idea ASIC but your execution is appalling.
Professional board members they jump from board to board ( well paid I assume) but never actually get out at the”coal face” and see and ask what’s happening
I would love someone to give me a call and come and see me ! Yes me 40 years in the industry and ask me where I think things are going wrong
But sadly NO if ther travel past Hornsby apparently you will fall off the edge of the earth ???
God help us after the last mess left
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