The Australian Securities and Investments Commission (ASIC) says it will refer “banning matters” to a new Financial Services and Credit Panel when there are issues of significance, complexity or novelty.

“Sitting panels operate alongside our existing administrative processes and add an element of peer review to our decisions,” it says in Regulatory Guide 263.

ASIC priorities, the impact of a ban on industry practices, legal or factual complexities and new areas of practice or oversight will influence referrals, it says in the guide.

Individual panels will comprise two members selected from the main panel, taking into account relevant expertise, and an ASIC staff member.

The guide says the length of a ban should consider the risk a person poses to investors and consumers, including whether there are multiple instances of misconduct.

Subjects must be given an opportunity to present their case to a hearing, and they can raise any concerns about the panel’s composition.

“Generally, the affected person does not have to prove or disprove anything. Rather, they are given the opportunity to persuade the sitting panel to make a decision in their favour.”

The regulatory guide includes guiding principles and procedures for hearings, and outlines how decisions will be conveyed and the right of review.