ob体育 has today released a consultation paper on its proposal to develop and implement a Financial Services Panel (the Panel).
The Panel would add a strong element of peer review to ob体育's administrative decision making processes.
ob体育 Chairman Greg Medcraft said, 'ob体育's aim in establishing a Panel is to enhance the impact of ob体育's administrative decisions. The significance of being judged by peers cannot be underestimated. Peer review panels are a form of co-regulation in Australia and overseas.
'The Panel will also bring broader experiences and perspectives into ob体育's decision making and ensure decisions reflect current industry practices and standards'.
ob体育 is proposing that the Panel would be responsible for determining whether ob体育 should ban individuals from the financial services and credit industries for misconduct. We would select matters and refer them to the Panel where they are significant, complex or novel. Over time, we may expand the range of matters on which the Panel will make decisions.
The Panel would comprise financial services and credit industry participants and non-industry participants (e.g. lawyers or academics) with relevant expertise, and at least one ob体育 staff member. The Panel would sit alongside ob体育's existing administrative structures and processes.
ob体育 will be consulting on:
- how the Panel would enhance the impact of ob体育's administrative decisions;
- the types of matters that would be referred to the Panel; and
- the optimal composition of the Panel.
Submissions on Consultation Paper 281 Financial Services Panel (CP 281) are due by 23 May 2017.
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Background
There are currently a number of peer review bodies in Australia including the Markets Disciplinary Panel (MDP) established by ob体育 to consider disciplinary action for alleged breaches of market integrity rules, the Takeovers Panel and the Companies Auditors Disciplinary Board (CADB).