ASIC has named the 18 members of its Financial Services and Credit Panel (FSCP), including the former chief executive of the Association of Financial Advisers.
Brad Fox will join the FSCP along with Annette Spencer, Bruce Debenham, Calvert Duffy, Christina McArthur, Dacian Moses, Don Crellin, Fiona Rowland, Gabrielle Bouffler, Gaye Simpson, Gayle Cilfone, Jennifer Diggle, Johanna Turner, Naomi Layton, Peter Wade, Stephen Cavanagh and Brian Salter.
The FSCP will serve as a "pool" of industry professionals from which ASIC can draw individual panelists to participate in administrative hearings with ASIC staff to determine the suitability of banning orders. Each panel will include two FSCP members and one ASIC staff member.
"A peer review panel such as the FSCP will enhance the impact of ASIC's administrative decisions because it draws upon the broad range of knowledge and experience of professionals in the financial services and credit industry," ASIC chair Greg Medcraft said.
"Our administrative decisions will benefit from the input of professionals who have a thorough understanding of current industry practices and standards."
In April, ASIC released the consultation paper for what was then titled the Financial Services Panel. At the time, Medcraft said the goal of the panel would be to "enhance the impact of ASIC's administrative decisions. The significance of being judged by peers cannot be underestimated. Peer review panels are a form of co-regulation in Australia and overseas."
"The panel will also bring broader experiences and perspectives into ASIC's decision making and ensure decisions reflect current industry practices and standards," he added.
The guide explained that ASIC would refer members of the panel to administrative hearings in cases where matters were "significant, complex or novel."
"Establishing the panel represents an opportunity for financial services and credit industry participants (industry participants) and/or non-industry participants with relevant expertise (e.g. lawyers and academics) to participate in ASIC's administrative decision making processes," ASIC said.