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
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Clear

Hotter Inflation Puts Car Loan Budgets Back in Focus

29 Oct 2026: Paige Estritori

Australia’s latest inflation data has put car loan budgeting back under pressure, with the Australian Bureau of Statistics reporting on 28 October 2026 that annual CPI rose to 4.3% in September and trimmed mean inflation lifted to 3.6%. Coming after the Reserve Bank of Australia raised the cash rate target to 4.60% on 29 September, the figures give vehicle buyers another reason to plan around uncertain borrowing costs rather than assume cheaper finance is just around the corner. - read more

Green Car Loan Deals Are Growing, But the Fine Print Still Matters

17 Sep 2026: Paige Estritori

Green car finance is becoming a more visible part of Australia’s car loan market, with lenders continuing to promote discounted rates for eligible electric, hybrid and other lower-emission vehicles. For buyers weighing up a new EV, plug-in hybrid or fuel-efficient model, the headline appeal is obvious: a lower rate can reduce the cost of borrowing and may make a higher purchase price feel more manageable. - read more

Why Sharper New-Car Offers Still Need a Loan Check

03 Sep 2026: Paige Estritori

Australia’s new-car market is showing more signs of competition, with recent industry updates pointing to sharper drive-away offers, run-out campaigns and finance-led promotions across selected brands. For buyers, that can make the showroom feel more attractive than it did during the tight-supply years, when wait times and limited stock gave sellers more pricing power. - read more

Softer Used-Car Prices Could Shift Finance Decisions

27 Aug 2026: Paige Estritori

Australia's used-car market appears to be moving into a more balanced phase, with recent industry updates pointing to improved vehicle availability and less pressure on prices across some mainstream segments. That is welcome news for buyers who spent the past few years dealing with limited stock, long new-car wait times and unusually firm second-hand values. - read more

What the Latest RBA Rate Hold Means for Car Buyers

13 Aug 2026: Paige Estritori

The Reserve Bank of Australia's latest decision to leave the cash rate unchanged keeps car buyers in a familiar holding pattern: borrowing costs are not rising sharply, but they are not easing quickly either. For households planning a new or used vehicle purchase, that means the focus should remain on preparation, comparison and affordability rather than waiting for a dramatic rate shift. - read more

Click for more Finance News