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The firm’s managing director joins 30 other part-time candidates who have been named to the “single disciplinary body for financial advisers”.
The Morrison government has revealed the 31 part-time candidates who will be joining the Financial Services and Credit Panel (FSCP), with Resolve Finance managing director, Don Crellin, being named to the list.
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Mr Crellin first joined Resolve Finance in 2007, arriving at the role from ANZ, where he was the executive manager third-party distribution – a position he commenced in 2004.
From 2000 to 2002, Mr Crellin was head of mortgages for ANZ Bank NZ.
Speaking of his appointment, Mr Crellin said: “Having been a part of this great industry for over 25 years, I feel very privileged to have an opportunity to contribute back more broadly as a member of the FSCP during my three-year appointment.”
Mr Crellin added that he’s “confident that the panel will bring a balanced perspective when called upon to conduct a review”.
“It’s important that we achieve the most appropriate outcome based upon a fair and reasonable assessment of the facts. This to me means considering both the regulatory position and industry practice,” he said.
“It’s not always black and white, and this is where I believe a panel with industry-based experience will be able to add value.”
As per a statement released by the Minister for Superannuation, Financial Services and the Digital Economy, senator Jane Hume, all of the appointed candidates are from sectors that include business, financial services, law, economics, accounting, taxation and credit services.
The appointments follow the FSCP being granted with its own statutory functions and powers via the Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Act 2021.
The Act received royal assent on 28 October 2021 and became effective on 1 January 2022.
Under these changes, the FSCP will now be established within the Australian Securities and Investments Commission (ASIC), acting as the “single disciplinary body for financial advisers”.
Further, ASIC will be responsible for convening individual panels to consider disciplinary matters, with each panel consisting of an ASIC staff member as chair and at least two other members.
These other members must be selected by ASIC from a list of eligible persons appointed by the Morrison government.
Speaking in December 2020 on the recommendations handed down by Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Hayne royal commission, Treasurer Josh Frydenberg said: “The FSCP currently supports ASIC in the exercise of its regulatory functions with respect to the making of banning orders against individuals for misconduct.”
Recommendation 2.10 of the Hayne royal commission included a call for a “single, central disciplinary body to be established for financial advisers”.
Mr Frydenberg added: “Expanding the role of the FSCP will leverage its extensive expertise and existing governance structures, avoiding the need to establish a new body to perform this role.”
[Related: ‘We are not going to change it’: Shadow minister for financial services on broker remuneration]
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