ASIC Publishes First FSCP Reprimand for Adviser Impersonating Client

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The FSCP Register and Adviser Privacy

The FSCP Register is designed to display any adverse findings against financial advisers, but it will only include a summary of the finding if nothing noteworthy was determined. The names of advisers involved in a matter are usually not disclosed unless required to be published on the Financial Adviser Register. In some instances, a media release may be published by ASIC, but advisers will not be named on the outcomes register or in the media release unless the decision made by the panel is required to be recorded on the Financial Adviser Register.

New Regulations and the FSCP

The FSCP was created as part of the Better Advice Act passed in late 2021, which streamlined regulatory aspects in the financial services industry, including the shutdown of the Financial Adviser Standards and Ethics Authority (FASEA). The FSCP was officially launched at the beginning of last year, however, it took nearly six weeks before the government announced any appointments. The panel is expected to address less serious misconduct of advisers in the industry.

ASIC Senior Leader for Financial Advisers, Leah Sciacca, noted the existence of the FSCP at the Financial Advice Association roadshow last month and stressed that advisers who commit less serious misconduct wouldn't necessarily be named. Ms Sciacca explained that from time to time, ASIC may issue a media release when appropriate, but advisers' names would not be included in the release or on the outcomes register unless the decision is required to be recorded on the Financial Adviser Register.

In Conclusion

The FSCP has made its first published reprimand of an adviser for impersonating a client, further highlighting the regulatory environment within which financial advisers need to operate. The new FSCP register is expected to bring more transparency and accountability to the industry, however, it will not necessarily name and shame advisers committing less serious misconduct. It remains to be seen how the panel will operate and what impact it will have on industry compliance and misconduct.

Published:Saturday, 3rd Jun 2023
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Finance News

Clear

RBA Maintains Cash Rate at 3.60%, Hints at Future Increases

11 Dec 2025: Paige Estritori

The Reserve Bank of Australia (RBA) has decided to keep the cash rate steady at 3.60% during its final policy meeting of 2025. This decision comes amid rising inflation, which reached 3.8% in October, surpassing the RBA's target range of 2-3%. The central bank has indicated that if inflationary pressures persist, future rate hikes may be necessary. - read more

ASIC's Review Highlights Concerns in Car Finance Practices

11 Dec 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that raise concerns about responsible lending practices. The findings indicate that some consumers are being subjected to exorbitant fees and are defaulting on their loans shortly after approval. - read more

Bank Australia Shifts Focus to Electric Vehicle Financing

11 Dec 2025: Paige Estritori

In a bold move towards environmental sustainability, Bank Australia has ceased offering loans for new petrol, diesel, and hybrid vehicles as of February 2025. This policy change aligns with the bank's commitment to achieving net-zero carbon emissions by 2035. - read more

ASIC's Review Highlights Concerns in Car Finance Practices

03 Dec 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of the nation's motor vehicle finance sector, uncovering significant issues that raise concerns about responsible lending practices. The findings indicate that some consumers are being subjected to exorbitant fees and are defaulting on their loans shortly after approval. - read more

Cooling Trends Emerge in Australia's Used Car Market

03 Dec 2025: Paige Estritori

The Australian used car market, which experienced significant growth throughout most of 2024, has shown signs of deceleration in the final months of the year. This trend suggests a more cautious outlook for 2025, influenced by various economic factors and shifting consumer behaviors. - read more

Click for more Finance News