2016 Federal Budget: ASIC’s $127m funding partially restores recent cuts
AUSTRALIA’S corporate cops will receive more than $127 million to help their efforts in policing financial service providers. But advocates warn it only partially restores cuts.
MORE than $127 million is being given to Australia’s corporate cops to better police financial services providers.
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The Australian Securities and Investments Commission will receive most of the cash injection to “combat misconduct” and bolster consumer confidence in financial services, the Budget says.
“The additional funding will support increased surveillance and enforcement activities in areas such as financial advice, responsible lending, life insurance, and breach reporting, and enhancements to ASIC’s data analytics.”
Consumer advocates had warned that additional funding was needed, but said this increase only partially restored cuts to ASIC made in recent years.
The funding boost was unveiled last month along with a plan to make the banks pay for it from 2017-18. Treasurer Scott Morrison said at the time that this meant the costs of regulation were paid for by those who created the need for it, rather than the Australian public.
He said the financial system touched the lives of every family and business, and the banks had not always lived up to the standards we expected.
The Department of Treasury will receive $5.9 million of the $127.2 million funding boost over four years.
Originally published as 2016 Federal Budget: ASIC’s $127m funding partially restores recent cuts
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