The Australian Securities and Investments Commission is calling for expressions of interest from financial services and consumer credit industry participants who are interested in becoming members of the new ob体育 Financial Services and Credit Panel.
We will draw on these members who, with an ob体育 staff member, will consider making banning orders against individuals for misconduct in the provision of financial services to retail investors or in consumer credit activities.
We are looking for individuals with relevant experience in the financial services or consumer credit industries who want to contribute to standard setting in their industries. While banning decisions need to be made in accordance with the law, we expect industry participants will bring a range of experiences and perspectives to the banning decision process and will help to ensure ob体育's administrative decisions are based on a thorough understanding of current industry practices and standards.聽 聽
ob体育 Chairman Greg Medcraft said, 'I encourage financial services and consumer credit industry participants to express interest in becoming members of the Financial Services and Credit Panel. This is an opportunity for industry to contribute to a peer-review model, and work with ob体育 to enhance the reach and impact of its decisions.'
Applications close at 10am (AEST) on 31 August 2017.
Background
ob体育 consulted on options for establishing a new Panel to sit alongside our existing administrative processes in Consultation Paper 281 鈥� Financial Services Panel, in April 2017. We proposed the Panel would make a subset of our administrative decisions in relation to financial services and credit activities. CP 281 set out a number of options for the makeup of each decision making Panel.
The majority of respondents to the consultation paper were supportive of the proposal to establish a Panel. ob体育 is now proceeding with the proposal. ob体育 intends to utilise two industry participants drawn from the Panel and one ob体育 staff member to constitute individual decision making panels. Individual panels will consider making some banning orders against persons for misconduct in the provision of financial services to retail investors or in the course of engaging in consumer credit activities.
We will publish a report on our consultation feedback, and updated policy in September 2017.