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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
