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ARTICLE · 22 JUNE 2022

Be warned (or reprimanded) – ASIC has new powers against financial advisors

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Where the conduct of a financial advisor does not warrant the convening of a Panel, ASIC can issue a warning or reprimand.

AustraliaFinance and Banking
Susan Goodman
Susan Goodman
William Madani
William Madani
Thomas Rubic
Thomas Rubic
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Earlier this year, we provided an overview of the Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (Cth) (Better Advice Act). We reviewed the main provisions of the Better Advice Act, particularly in relation to the Australian Securities and Investments Commission's (ASIC) new power to convene a Financial Services and Credit Panel (Panel).

ASIC has now provided further guidance on its powers under the Better Advice Act by publishing Information Sheet 270 - Warnings and Reprimands (INFO 270). INFO 270 focuses on ASIC's power to issue warnings or reprimands to financial advisors where their conduct does not warrant the convening of a Panel.

What is a 'warning' and 'reprimand'?

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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