Treasurer Josh Frydenberg announced that the fund would also be used to ensure civil claims against the banks were dealt with more efficiently.
The fund comes just before round seven of the royal commission hearings as the government anticipates a rise in claims against the banks exposed by the commission.
The Treasurer said the fund would be able to implement the findings of the commission and also act as a deterrent to misconduct in the financial services.
Mr Frydenberg said regulators like ASIC and APRA needed to be given all the resources necessary to prosecute and ensure that people are prosecuted to the full extent of the law.
The fund is specifically for the legal costs of the regulators to be able to compete against the banks who are able to fund their own legal costs.
Mr Frydenberg said this was the latest measure by the government to pursue financial misconduct in the industry.
The government has previously announced over $58 million in APRA funding, the creation of AFCA for consumers and stronger powers to the regulators to pursue misconduct.
If we didn’t need a 50 page SOA , mountains of useless paperwork , FDS , FSG etc , we could just tell ASIC who is being dishonest in the Community and they could investigate , Rather than them doing nothing till it hits the fan.
Interesting, but what about civil claims against the regulator?
As long as ASIC go after the big end of town where ALL the problems stem from then that is great. But if they just focus on the small an easy fish then that is just a stitch up and a cop out and a waste of tax payers money.
Apparently most of that money will be spent upgrading all of the beds and pyjamas for staff at all ASICS offices.
I rail to see why ASIC need another $51m in funding. Their overall revenue for 2017/18 was $1,227 billion, with $401m in expenses. ASIC pays their “efficiency dividend” back to the government, which goes into consolidated revenue.I see the only people being helped here are the lawyers, no doubt charging squillions $$$ for their counsel. Disgraceful!