ASIC reaps $717m in fees
The fees, which include company search fees, licence fees and fines, are charged on behalf of the government and the Australian Securities and Investments Commission does not get to keep the money. It has been suggested ASIC might hive off the company registry as part of a restructure of the under-pressure regulator. In his chairman's report, ASIC head Greg Medcraft said he welcomed a Senate inquiry into its performance, launched in June after concerns about its response to rogue financial planners at the Commonwealth Bank.
He said ASIC was "thinking about the current regulatory boundaries" and the way particular sectors were regulated.
Mr Medcraft said: "For example, we are considering whether disclosure is the best way to address certain market failures, new forms and channels for disclosure — including e-learning — and what behavioural economics tells us about how consumers make decisions."
Frequently Asked Questions about this Article…
ASIC's fees and charges have increased by 7% to $717 million, primarily due to revenue from the new National Business Names Register. These fees include company search fees, licence fees, and fines.
No, ASIC does not keep the money from the fees it charges. The fees are collected on behalf of the government.
The National Business Names Register is a new initiative that has contributed significantly to the increase in ASIC's fee revenue. It is part of the regulatory framework managed by ASIC.
There is a suggestion that ASIC might consider hiving off the company registry as part of a restructure to address the pressures it faces as a regulator.
The Senate inquiry into ASIC's performance was launched to address concerns about its response to issues with rogue financial planners at the Commonwealth Bank. It aims to evaluate ASIC's effectiveness as a regulator.
ASIC is exploring the current regulatory boundaries and considering whether disclosure is the best way to address market failures. They are also looking into new forms and channels for disclosure, such as e-learning, and using insights from behavioral economics to understand consumer decision-making.
Behavioral economics is being used by ASIC to better understand how consumers make decisions. This insight helps ASIC refine its regulatory strategies to be more effective in addressing market failures.
ASIC's revenue collection includes company search fees, licence fees, and fines, all of which contribute to the total fees and charges levied by the regulator.
Call 1300 880 160
Start a chat
Schedule a call
