Friday, 26 May 2017

ASIC Supervisory Cost Recovery Levy Regulations 2017 exposure draft

AIST supports the introduction of an ASIC industry funding model. We reiterate our lack of support for any carve-outs (eg the ‘Statutory Levy’) from the Government’s Cost Recovery Guidelines. Given ASIC’s concerns about the poor culture within the banks and resultant consumer losses, AIST strongly recommends that the draft Regulations should enable raising of levies by volume of ASIC work, ie by APRA industry sub-sector (profit-to-member, for-profit, etc). AIST also advocates for separate accounting of dispute resolution body funding (AFCA). AIST also strongly recommends that an industry roundtable to discuss the calculation methodology is needed.