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Showing 11 - 20 of 37 results for "Industry Funding Model"

ASIC increases levy costs

ELIZA BAVIN  |  THURSDAY, 16 JAN 2020
... the increase in enforcement matters adopted following recommendations of the Royal Commission. "The ASIC industry funding model was designed so that industry levies are set at the end of the year, after ASIC's regulatory costs are known. This means there ...

Federal Budget: Industry responds

HARRISON WORLEY  |  WEDNESDAY, 3 APR 2019
... million response to the Royal Commission, the fact most of that amount will be recovered from ASIC's industry funding model will add to the cost of advice. "We believe implementing the Royal Commission recommendations is necessary for the protection ...

Post Royal Commission change is all talk: Shipton

JAMIE WILLIAMSON  |  MONDAY, 22 OCT 2018
... said now is the right time to discuss whether ASIC and its peers are "right sized" in relation to the new industry funding model; unique characteristics of Australia's financial system; size of Australia's financial markets; number of consumers; number ...

Royal Commission sees increased ASIC, APRA funding

ALEX BURKE  |  TUESDAY, 8 MAY 2018
... APRA financial institutions supervisory levies in 2018-19 and $10.6 million recovered as part of ASIC's industry funding model. Overall, ASIC's budget estimate for 2018-19 is $37 million and APRA's is $83 million. Elsewhere, the Australian Financial ...

Treasury rolls out ASIC industry funding fee paper

ALEX BURKE  |  FRIDAY, 24 NOV 2017
... ensure regulatory costs are borne by those who "create a need for it" instead of the Australian public. "The industry funding model is an important component of the Government's plan to improve consumer outcomes in the financial services sector," O'Dwyer ...

Banks will step out of wealth: Medcraft

DARREN SNYDER  |  TUESDAY, 31 OCT 2017
... one of his final presentations as ASIC chair, Medcraft labelled his biggest achievement as securing the industry funding model and removing the corporate regulator from the public service. During his term Medcraft was initially told ASIC is "a public ...

ASIC outlines industry funding costs

ALEX BURKE  |  MONDAY, 9 OCT 2017
ASIC has released the forecast regulatory costs for industry participants as part of its new industry funding model. These costs vary across industry sectors. In the registered liquidator sector, for example, companies will have a minimum levy of $2500 ...

ASIC targets retirement products and services

KARREN VERGARA  |  MONDAY, 4 SEP 2017
... industry-led reform package using life insurance policies, remuneration, lapse rates and clawbacks. ASIC's industry funding model, which was passed into law on 15 June, will begin issuing its first invoices in January 2019. "Significantly, the introduction ...

ASIC enters new era as industry funding model passes

ALEX BURKE  |  FRIDAY, 16 JUN 2017
The ASIC Supervisory Cost Recovery Levy Bill 2017, which will enable the regulator to recoup costs from the industries it supervises, has been passed into law. Minister for Revenue and Financial Services Kelly O'Dwyer said the passing of the bill reflects ...

Financial dispute authorities combined for 'one-stop-shop'

EMMA RAPAPORT  |  TUESDAY, 9 MAY 2017
... This will be offset by an increase in levies of $3.6 million over three years from 2018-19 under ASIC's Industry Funding Model. The Australian Institute of Superannuation Trustees says that while they support a stand-alone superannuation complaints tribunal ...