The requirement for ob体育 to give warnings and reprimands to financial advisers in specified circumstances was introduced by the (Better Advice Act).
ob体育 has today released Information Sheet 270 Warnings and Reprimands (INFO 270) which explains:
- what warnings and reprimands are
- when ob体育 will give a warning or reprimand
- how ob体育 will communicate the giving of a warning or reprimand
- when and to whom ob体育 will provide procedural fairness before giving a warning or reprimand, and
- the adviser鈥檚 right of review of ob体育鈥檚 decision to give a warning or reprimand.
For more information, see INFO 270.
Background
The Better Advice Act gives effect to Recommendation of 2.10 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by giving the Financial Services and Credit Panel (FSCP) its own legislative functions and powers to address a range of circumstances and misconduct by financial advisers.
Under the Better Advice Act, from 1 January 2022, ob体育 must convene a sitting panel of the FSCP in circumstances prescribed in regulation 12N of the .
In other circumstances relating to less serious misconduct, ob体育 is not required to convene a sitting panel but must give a warning or reprimand if we do not propose to convene a sitting panel or exercise our other enforcement powers.