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ASIC's 'outdated funding model penalises compliant SMEs'

Fines as a result of enforcement action should be used to cover ASIC’s expenses, said CPA Australia. ....

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Credit industry faces higher ASIC levies

Mortgage Business
Credit industry faces higher ASIC levies
By Sarah Simpkins
26 July 2021
Banks, mortgage brokers and lenders could receive sizeably larger bills for ASIC’s industry levies come January 2022.
ASIC has published its draft Cost Recovery Implementation Statement for the 2020-21 financial year, with expectations of what each finance sector will be charged to fund its regulation.
The levies, which are based on ASIC’s regulatory costs and business metrics, will be finalised in December and invoiced in January next year.
The regulator has invited feedback on the draft statement, which can be submitted until 13 August. ASIC is forecast to recover $44.5 million in total levies from the deposit-taking and credit sector – contributing to a grand total of $337.5 million to be recovered across f ....

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