The Australian Securities and Investments Commission (ASIC) has released a consultation paper seeking feedback to its proposed updates for Regulatory Guide 263 Financial Services and Credit Panel (FSCP).

The consultation paper follows changes that commenced this year, in which the FSCP became the single disciplinary body for financial advisers. This was a recommendation made by the Hayne royal commission.

ASIC wants submissions in relation to its proposed approach to determining when to convene a sitting panel of the FSCP; to generally hold hearings of sitting panels using technology; and publicising decisions of sitting panels.

On when ASIC may convene a sitting panel, ASIC makes a number of suggestions including taking into consideration the “regulatory benefit” that may be derived from referring a matter to a sitting panel.

For example, it may look at whether misconduct is widespread or part of a growing trend, and whether referring the matter to a sitting panel will send an effective and deterrent message to industry.