Treasury consults on industry funding for ASIC

The Federal Government has released a further discussion paper which sets out a model for industry funding of the regulatory functions of ASIC.

In April this year the Federal Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017. A consultation process in this regard has been established to seek stakeholder views on the proposed industry funding model to recover the regulatory costs of the ASIC though annual levies and fees-for-service.

The industry funding model covers all sectors of the financial services industry, and NIBA is currently examining the funding model to assess the implications for insurance brokers.  Our initial assessment is that there are a number of areas where clarification will be required before we can give a confident assessment to our members.

NIBA will also attend an industry roundtable discussion on the proposed funding model, scheduled for late November.

The discussion paper indicates that if the industry funding model is implemented, first payments will be invoiced in the first half of 2019.

We will provide further information to Members as our assessment and understanding of the funding model progresses.

Full details of the proposed industry funding model, and the background papers published by Treasury, are available here.