ASIC and APRA will receive a further $13.3 million to assist the royal commission, to be offset by an increase in levies on industry.
The government will provide ASIC with $10.6 million over two years from 2017-18 and $2.7 million in 2018-19 to APRA to "assist in their involvement" in the banking royal commission.
The cost of the budget measure will be offset by corresponding increases to the ASIC levy and the APRA Financial Institutions Supervisory Levies.
Kenneth Hayne's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is costing the government $65 million.
ASIC will also receive $2.2 million over four years from 2018-19 to "strengthen the quality of listed entity financial reports", to be offset by revenue received through ASIC's industry funding model.
The government will also receive additional funding over two years from 2018-19 to continue administering the North Queensland Home Insurance Comparison Website. The amount was not published in the budget because it was deemed to be commercial-in-confidence.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Dec 2018Advice bodies reach code monitoring agreementBy Adrian Flores
- 18 Dec 2018Court lays charges against former Sydney adviserBy Adrian Flores
- 19 Dec 2018Fiducian buys Vic financial planning businessBy Sarah Simpkins
- 18 Dec 2018ASIC permanently bans Victorian adviserBy Adrian Flores
- 18 Dec 2018Melbourne-based dealer group loses AFSLBy James Mitchell
- 18 Dec 2018AFA appoints new chair of women advocacy bodyBy Sarah Simpkins
- view all