ABA lodges submission on ASIC industry funding

16 December 2016

Sydney, 16 December 2016: The Australian Bankers’ Association has lodged its submission on the revised proposal for an industry funding model for the Australian Securities and Investments Commission.

“The ABA supports an industry funding model for ASIC to help keep the regulator well-resourced and effective,” ABA Chief Economist Tony Pearson said.

“Supporting a strong regulator was one of the banking industry’s reforms announced this year to better protect customers.

“We are pleased that the revised model has addressed most of our concerns with the initial proposal.

“For example there is better alignment of fees and levies to where the regulator directs most of its efforts. This will ensure that all participants contribute according to the regulatory oversight they require,” he said.

The submission also outlines the industry’s concerns with the complexity of the model and how fees will be charged.

“The model remains complicated and will cause difficulty for some banks to know exactly how much they will contribute,” Mr Pearson said.

“There is potential for a significant reporting burden, and the ABA would welcome the opportunity to work with the Federal Government on how this could be reduced.”

A copy of the submission is available on the ABA website.

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913

@austbankers

bankers.asn.au

Latest news

1 / 3
Media Release
Banking industry continues with its important reform program
19 August 2019

Australia’s banks have welcomed the Government’s timetable for legislative change following the Hayne Royal Commission and will work with the Commonwealth to continue implementing the Commission’s recommendations. While the forward agenda for the required legislative changes was announced this morning, banks are well down the track of implementing recommendations for which they are responsible to… Read more »

Read more
Media Release
6 in 10 Aussies worried loved ones will suffer elder financial abuse
7 August 2019

The Australian Banking Association (ABA) has today announced it is joining forces with Bauer Media to expand its campaign to tackle elder financial abuse. The campaign, Stop Elder Financial Abuse, launches today in Sydney as newly released research reveals almost 6 in 10 Australians are worried that someone they know will be the victim of… Read more »

Read more