An ASIC Financial Services and Credit Panel has issued a reprimand to an adviser for failing to give Statements of Advice to five retail clients.
A statement on the FSCP Outcomes Register says the Sitting Panel “…determined that it reasonably believed that the relevant provider contravened s946A(1) and s921E(3) of the Corporations Act 2001 when they failed to give statements of advice to five retail clients between June 2022 and August 2022.”
It says that in giving the advice “…the relevant provider failed to demonstrate the Code of Ethics’ values of competence and diligence and breached Standard 1 of the Code of Ethics.”
The FSCP’s Outcomes Register, on the ASIC website, contains details of the outcomes of decisions of the FSCP and says that it will “…usually not disclose the name of the financial adviser involved in a matter unless the outcome is required to be displayed on the Financial Advisers Register.”
It notes that if the the outcome is not required to be displayed on the FAR, “…the financial adviser is given a randomly selected pseudonym and will not be identifiable on the Outcomes Register.” (See: ASIC Announces Policy on Adviser Warnings).
ASIC ’s website states the FSCP is a pool of industry participants, appointed by the responsible Minister, that ASIC draws upon when forming individual sitting panels. (See: Adviser Peer Review Panel – Key Names Confirmed.)
