Both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are set to emerge as major funding winners from next month’s Budget with the Government already confirming a 25 per cent increase in funding.
In doing so, the Treasurer, Josh Frydenberg pointed to the recommendations of the Royal Commission and the intention to extend the Banking Executive Accountability Regime (BEAR) to all Australian Prudential Regulation Authority (APRA) regulated entities including insurers and superannuation funds.
Frydenberg said the regulators would be provided with more than $550 million in the Budget with ASIC being provided with more than $400 million in additional funding and APRA being provided with more than $150 million.
He said the funding would allow the regulators to strengthen and intensify their approach to enforcement and take on expanded responsibilities to stamp out misconduct in the financial sector.
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