ASIC funding model
The Government has announced that it would introduce an industry funding model to recover the regulatory costs of ASIC though annual levies and fees-for-service, commencing in the second half of 2017.
The Government’s most recent funding model proposes a flat rate for advisers, plus the relevant company levy. (This model has been simplified and reduced since the original 2015 consultation.)
In our submission, we highlighted concerns about:
- the cumulative impact on financial planners, particularly small and medium licensees, of Government’s cost recovery approach to regulation
- the need for a more equitable risk-based user-pays funding model to ensure those entities who attract regulatory activity, pay for the cost of such activity.
The Industry funding model for ASIC is to be finalised by March 2017.
Read the Government’s 2016 proposal papers
Read FPA’s submission