Financial services regulators receive little
As expected, the Government has limited its Budget support for the financial services regulators.
While previous years have seen additional funding for measures such as the Future of Financial Advice and Stronger Super, neither the Australian Securities and Investments Commission (ASIC) nor the Australian Prudential Regulation Authority (APRA) will receive substantial new support this financial year.
The Budget papers said, however, that the Government would provide $7.8 million over two years to ASIC to improve its client contact centre service levels to support the introduction of the online National Business Names registration system.
It said this funding included $1.6 million in capital in 2013‑14 to upgrade ASIC's call centre infrastructure.
However, it said the cost of the measure would be offset by an increase in the fees charged by ASIC for registering a business name from $30 for one year and $70 for three years to $32 and $74 respectively, subject to indexation of the fees to adjust for inflation.
For its part, APRA will receive $5.9 million over four years to implement reforms to the supervision of over‑the‑counter derivatives markets, as part of Australia's commitment as a member of the G020.
However, the Budget said the cost of this measure would be offset by an increase in financial sector levies collected by APRA.
The Government has allocated $200,000 for its Charter Group on superannuation announced by the Minister for Financial Services, Bill Shorten, earlier this month.
It said it would be leaving funding of the Council of Super Guardians until after the Charter Group had reported.
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