ASIC hit by funding cut
The Australian Securities and Investments Commission (ASIC) has been told by the Government to “adjust its priorities” to achieve savings of $120.1 million over five years.
With ASIC having signalled to the Financial Systems Inquiry that it believes it should move towards a user-pays model, the Budget papers said the savings from the measure would be redirected towards repairing the Budget and towards funding policy priorities.
While ASIC has taken a cut to its funding, the Government moved to increase funding to the Australian Competition and Consumer Commission (ACCC).
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
