fbpx
Skip to main content
New Financial Assistance Hub

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
Don’t fall for a fake cupid this Valentine’s Day  
13 February 2024

Love is in the air, but so are scammers looking to exploit the season of hearts and flowers.   As Valentine’s Day approaches, the Australian Banking Association (ABA) urges everyone to be extra cautious and scam-proof their heart from romance scams and other fraudulent schemes.  “Scammers play the part and prey on people’s emotions,” ABA CEO… Read more »

Read more
Banks hardship teams on standby to help cyclone-impacted communities in Queensland 
31 January 2024

Banks have dedicated hardship teams on standby to help those impacted by Tropical Cyclone Kirrily and the Australian Banking Association has urged those in need of financial assistance to reach out.  “With the second major cyclone in as many months followed by torrential rain, people in Queensland have been dealt yet another serious blow. I… Read more »

Read more
Media Releases
Banks stand ready to support cyclone-impacted communities in Far North Queensland 
18 December 2023

Today the Australian Banking Association has told Queenslanders impacted by major flooding as a result of cyclone Jasper that banks have teams on standby to help those in need.  “The ABA urges anyone in need of financial assistance to reach out to their bank, and to do so as early as possible. Dedicated hardship teams… Read more »

Read more