AFA News 26 August 2021. On Friday 20 August 2021, the AFA made a submission to Treasury in response to the Government’s consultation on the Single Disciplinary Body and a proposed regulation issued in the form of a policy paper.

The consultation on this policy paper was designed to seek feedback on the following two matters that will be addressed through regulation:

• Which disciplinary matters ASIC must refer to a Financial Services and Credit Panel, and
• Which disciplinary outcomes must be recorded on the Financial Adviser Register (FAR).

We have used our submission to continue to make a range of points about how the Single Disciplinary Body design can be improved to reduce the likely cost and to make it more measured and efficient.

We believe that the Financial Services and Credit Panel should focus on more material matters and avoid the need to look at matters that are minor, administrative or moderate in nature.  We have also highlighted the role that licensees play in the disciplinary regime and encouraged a greater level of reliance upon this important element of the whole model.

Whilst we accept that any suspension or termination (prohibition) should be recorded on the FAR, we have also questioned mandating all directions being recorded on the FAR and pushed back strongly that all disciplinary matters would be permanently recorded on the FAR.  We welcomed the intent not to record written warnings and reprimands on the FAR

Please click here for a copy of the AFA’s submission on the Single Disciplinary Body regulation policy paper.

Please click here for a copy of the Single Disciplinary Body policy paper.

For any questions on the Single Disciplinary Body, please email policy@afa.asn.au.

Issued 26.08.2021. AFA Policy & Education Update

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