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Posted: Oct 7 2017, 08:59 AM
Group: Featured Blogers
Member No.: 17
Joined: 17-January 12
Rep: 142 pts
Finance industry to foot $256m bill for ASIC upkeep
Friday, 6 October 2017 10:48AM
The financial industry will pay more than $246 million toward the cost of running corporate regulator ASIC.
The Australian Securities and Investments Commission said on Friday almost 65 per cent of its $387.7 million in total budgeted resources will be recovered through levies on industry.
“Those who create the need for and benefit from ASIC’s regulation will bear the costs, which will be recovered by levies on our regulated entities,” ASIC said in its cost recovery implementation statement (CRIS).
The Federal Government in April last year said it would introduce an industry funding model for ASIC following the recommendation from the Financial System Inquiry.
The FSI found that the government recovered only a small portion of ASIC’s costs directly from banks and other industry participants.
As a result, ASIC’s costs were not transparent to industry and the regulator was possibly exposed to an increased risk of funding cuts.
ASIC’s costs will be allocated between 48 subsectors of the finance industry, through either a flat or graduated levy, the regulator said.
The final CRIS is subject to ministerial approval and is expected to be published in early 2018.
.... and fair enough too! This is one piece of government legislation that deserves to be passed unopposed.
"Show respect to all people and grovel to none. When you arise in the morning, give thanks for the food and for the joy of living. If you see no reason for giving thanks, the fault lies only in yourself." - Tecumseh (March 1768 – October 5, 1813) Shawnee Chief
Posted: Oct 7 2017, 10:03 AM
Member No.: 3
Joined: 21-July 11
Rep: 65 pts
I'll agree with that.
Mind you in the end, like everything else, the costs will be passed on to the long suffering consumer/customer.
Everybody is Willing:
Some are willing to work, the rest are willing to let them!
The older I get, the better I was.
Posted: Oct 7 2017, 10:33 AM
Member No.: 1
Joined: 20-July 11
Rep: 47 pts
Sooner or later the Government has to run out of stupid things to do. Maybe this is a sign of better things to come.
Living In An Elected Dictatorship
Flin's opinions and comments reflect his perception of the facts and not necessarily reality
Posted: Oct 7 2017, 02:23 PM
Group: Active Member
Member No.: 53
Joined: 13-March 12
Rep: 9 pts
At least this is one less on the list.