The Coalition’s bill to shift ASIC funding to a ‘fees-for-service’ model has successfully passed, with the related charges set to commence on 1 July 2018.
The new legislation was designed to better reflect the regulator's "actual costs", according to Minister for Revenue and Financial Services Kelly O'Dwyer.
The so-called 'fees-for-service' bill accompanies the industry funding legislation, which was passed on 15 June 2017 and requires regulated entities to pay an annual levy.
"Industry funding for ASIC ensures that costs of regulation are borne by those that have created the need for it. It incentivises greater regulatory compliance, and enhances ASIC's transparency and accountability," said Ms O'Dwyer.
According to ASIC's industry funding timetable, annual review fees will increase by approximately $4 for all proprietary companies from 1 July 2018.
Regulated entities will have until September 2018 to submit a return about their 2017-18 operations, and in October, ASIC will publish its Cost Recovery Implementation Statement for 2018-19.
In January 2019, ASIC will issue its first levy notices to industry for 2017-18, with entities given until February to pay or "face interest penalties". From March 2019, the regulator will begin pursuing late payments.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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