ASIC wants feedback on funding reform

ASIC wants feedback on funding reform | Insurance Business

ASIC wants feedback on funding reform
The Australian Securities & Investments Commission (ASIC) is seeking feedback on the introduction of ASIC fees-for-service, the next phase of the ASIC funding model that aims to strengthen ASIC and better protect Australian consumers.

The consultation paper tackles the recovery of ASIC “fees-for-service” –  regulatory costs that are directly attributable to a single, identifiable entity. This represents the last aspect of the ASIC Industry Funding Model and will commence on July 01. The first phase, which introduced industry levies to recover the costs of ASIC’s regulatory activities, was implemented starting July this year.

The paper outlines the following model enhancements:
  • The introduction of a tiered fee system for many activities, so that the amount of the fee more accurately reflects the complexity of the activity; and
  • The removal of the increased fee for novel relief applications (so all relief applications are charged the same fee).
Interested stakeholders have until December 14 to submit their feedback on the Treasury website. 

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