ASIC has started publishing the Financial Services and Credit Panel Outcomes Register which contains details of the outcomes of decisions of the Financial Services and Credit Panel (FSCP). Background.

The FSCP provides a single, central disciplinary body for financial advisers.

The first 2 published decisions concerned:

• firstly a provider who impersonated a client during two telephone conversations with a bank in an attempt to facilitate a transaction for the client’s benefit; and
• secondly an inappropriate Statement of Advice (SOA) for a client, who had been cold-called to switch their superannuation from one fund to another. The Panel determined that in giving the advice, the relevant provider contravened the Corporations Act 2001. In presenting the advice, the provider also failed to demonstrate the Code of Ethics’ Values of trustworthiness, competence, honesty, fairness and diligence.

In both cases, independent compliance audits were ordered.

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