The Financial Services and Credit Panel (FSCP) has made a registration prohibition order against financial adviser Timothy Anderson from 7 December 2023 until after 17 May 2025.

Mr Anderson was found to be insolvent under administration.

Mr Anderson has had his registration as a financial adviser cancelled and is prohibited from being registered with ASIC. He is also prohibited from giving personal advice to retail clients on relevant financial products during the prohibition period.

The FSCP makes administrative decisions on matters referred to it by ASIC that relate to the conduct of financial advisers. The FSCP is a pool of industry participants, appointed by the Minister, that ASIC draws upon when forming individual sitting panels. Each sitting panel comprises an ASIC staff member and at least two members of the FSCP.

The FSCP operates separately from, but alongside, ASIC’s existing administrative decision-making processes, with the aim of responding to lower-level misconduct and ensuring that minor misconduct does not go unaddressed.

The FSCP has the power to make a registration prohibition order under s921L(1)(c) of the Corporations Act.