ASIC has conceded that it has discretion on the ballooning adviser levy, not long after outgoing chair James Shipton implied that the corporate regulator’s hands were tied due to the “mechanical” industry funding model.
In a recent response to a question from Liberal MP Andrew Wallace, which was taken on notice at the PJC enquiry in late March, ASIC explained how it consulted on industry funding arrangements through its Cost Recovery Implementation Statement (CRIS) with Treasury and the Finance Minister, but took control thereafter.
“ASIC, as an independent regulator, has discretion over the allocation of resources,” the regulator stated. “ASIC has the discretion to waive levies in exceptional circumstances. ASIC also considers applications to pay levies via a payment plan in cases of financial hardship.”