ASIC announces peer review panel members


By Sarah Kendell

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The corporate regulator has announced the members of its new Financial Services and Credit Panel (FSCP), which will assist in peer reviewing administrative decisions relating to the sector.

In a statement, ASIC said the new members of the panel would include former Association of Financial Advisers chief executive Brad Fox, Suncorp compliance consultant Gaye Simpson, former ANZ senior compliance manager Jenny Diggle and former MLC senior advice compliance manager Gayle Cilfone.

A number of other industry compliance and regulatory specialists were also appointed to the panel, including Chartered Accountants Australia and New Zealand regional committee chairman Bruce Debenham and former Mortgage and Finance Association of Australia governance director Calvert Duffy.

Commenting on the announcement, outgoing ASIC chairman Greg Medcraft said the new peer review panel would enhance the impact of the regulator’s administrative decisions by drawing upon industry knowledge and experience.

“Our administrative decisions will benefit from the input of professionals who have a thorough understanding of current industry practices and standards,” Medcraft said.

ASIC said individual sitting panels of two FSCP members and an ASIC staff member would be formed when reviewing banning order decisions against individuals in the industry.

It said it would also publicly release an overview of the FSCP’s policies and procedures, which would help to provide support around the operation of the panel.

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