Treasury has released its proposed schedule of ASIC ‘fees-for-service’ under the corporate regulator’s new industry funding model.
The government made a consultation paper detailing the new fee schedule for ASIC's services under its new industry funding model public.
ASIC welcomed the release of the consultation paper, noting, "While around 90 per cent of ASIC's regulatory activities will now be recovered as part of the Coalition's industry funding arrangements, the remaining 10 per cent will be recovered via fees-for-service."
Announcing the consultation paper, Minister for Revenue and Financial Services Kelly O'Dwyer said the new fees are based on data collected by ASIC using "time recording" to more accurately reflect the pricing fees.
Treasury is also proposing the introduction of a new tiered fee system, as well as the removal of the increased fee for novel relief applications.
Ms O'Dwyer said that industry funding would "ensure that the costs of regulation are borne by those that have created the need for it, rather than the Australian public who too often already bear the costs of financial sector misconduct".
The consultation paper aims to recover ASIC regulator costs that are "directly attributable to a single, identifiable entity".
"This is referred to as 'fees‑for‑service'. This is the final aspect of the ASIC Industry Funding Model and will commence from 1 July 2018," Ms O'Dwyer said.
ASIC commissioner John Price said, "The current fees for these activities do not reflect their actual cost and the government is seeking input from industry on changes to address this."
Comments on the consultation paper close on 15 December 2017.
ASIC has outlined a set of actions for banks to better protect customers against advisers carrying out fraud on customers’ accounts. ...
The federal government has confirmed it will provide ASIC with additional resources to further monitor the big four banks and AMP. ...
MLC and its trustee, NULIS, failed to tell superannuation members they could dial back their “plan service fees” to zero, the royal com...