The Government has injected the Australian Securities and Investments Commission (ASIC) with a further $70.1 million to give the corporate regulator the resources it requires following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Minister for Revenue and Financial Services, Kelly O’Dwyer, said the funding would bolster ASIC’s enforcement capabilities and should better deliver on its mandate of combatting misconduct in the industry.
The package, which followed the decision by ASIC chairman, James Shipton, to refocus ASIC’s direction on proactive enforcement, included:
- $26.2 million to accelerate and increase the intensity of ASIC's enforcement activities and enhance its capacity to pursue actions for serious misconduct;
- $9.4 million to boost supervision of the superannuation sector;
- $8 million to implement a new supervisory approach in respect of Australia's five largest financial institutions (the big four banks and AMP);
- $6.8 million to establish a dedicated taskforce which will conduct a proactive, targeted and thematic review into corporate governance;
- $6.6 million to implement the Government's reforms to whistleblower protection laws; and
- $6 million to promote Australia as a world leader in the development and adoption of regulatory technology solutions for the financial services industry.
The remaining funds would be directed towards improving consumer access to the Financial Advisers Register.