The government has released proposed levies for industry regulators under which $70 million would be recovered to fund ASIC, up 150 per cent on the previous year.
In a consultation paper, the government said it seeks industry views on a proposed total levy of $250.7 million to fund certain Commonwealth agencies and departments, including ASIC, up $15 million (6.4 per cent) over the 2015-16 financial year.
Of that amount, $70.4 million would be used to partially offset ASIC's regulatory costs, up 150 per cent on last year's $28.2 million.
The increase stems from the government's decision to bolster ASIC.
About $22.2 million of the total would be paid for by authorised deposit-taking institutions, including both small and large banks, under the proposals.
The superannuation industry would put forward $24.5 million for ASIC while life insurers and general insurers would pay $10.5 million and $13.2 million, respectively.
"From 2017-18 onwards, ASIC's regulatory costs will be recovered from all industry sectors regulated by ASIC," the paper states.
"The government will consult extensively with industry to refine and settle an industry funding model for ASIC."
Federal Treasurer Scott Morrison announced last month that the government will equip ASIC with stronger powers and funding to combat misconduct in the financial services industry.
ASIC said the $127.2 million reform package will allow for "major shadow shop" operations and other projects in the financial advice and life insurance sectors.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all