asic pushes for user-pay financial regulation

ASIC pushes for user-pay financial regulation

The corporate watchdog is taking its cue from the Federal Government and pushing for a user-pays model for the regulation of the financial sector. In this year's budget, the Government cut the Australian Securities and Investments Commission's funding by $120 million. ASIC's chairman has now told a Senate estimates hearing that he could recoup this by charging financial planners higher registration fees and that this would also help to flush dodgy operators out of the industry.