30 March 2017
Media Release - #2017027, 2017

Industry funding model for ASIC introduced into parliament

The Turnbull Government has today introduced the ASIC Supervisory Cost Recovery Levy Bill 2017, and related bills necessary to implement an industry funding model for the Australian Securities and Investments Commission (ASIC), the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP said.

This is the next step in implementing the Government's commitment to recover ASIC’s regulatory costs from the entities that create the need for regulation, rather than the Australian taxpayers, who too often bear the costs of financial sector misconduct. 

Industry funding for ASIC will increase transparency, making industry more accountable for its behaviour and making ASIC a stronger regulator. It is a critical component of the Turnbull Government’s plan to improve consumer outcomes in the financial services sector, and builds on other measures, including:

  • the $127.2 million ASIC funding package, to enhance the regulator’s  data analytics and surveillance capabilities, to facilitate proactive enforcement activities, and to accelerate other consumer protection measures recommended as part of the Financial System Inquiry;
  • a comprehensive review of ASIC’s enforcement regime to ensure the regulator has the powers and penalties available to it to deter misconduct and foster consumer confidence; and
  • the ASIC Capability Review, which was undertaken to ensure that ASIC is operating in line with global best practice.

The Government appreciates industry’s continued engagement throughout the development of the industry funding model. The Government expects to release draft regulations providing greater detail on the operation of the model for consultation in the coming weeks.