SMSF Association Submission
The SMSF Association welcomes the opportunity to provide this submission in response to the Government’s Policy Paper on the proposed framework for the drafting of the single disciplinary body Regulations.
We note that it is proposed ASIC will address issues where the adviser is to receive a written warning, rather than referring the matter to the Financial Services and Credit Panel (“FSCP”). The Association considers this appropriate as it ensures that the time and resources of the FSCP are appropriately applied.
A clear and appropriate framework is needed to ensure the efficacy of the FSCP. It must also provide a clear, and practical operational framework for ASIC.
The Regulations should allow for a single FSCP to be convened to address multiple matters of a similar nature. This will allow for a more efficient operation of the FSCP, considering both time and cost, as well as providing consistent outcomes.
More complex or serious matters may require the convening of separate panels due to the time required and nature of the matters.
The Regulations must provide clear authority to ASIC, allowing them to allocate more than one matter when convening a panel, as they deem appropriate.