ASIC and APRA already Budget winners
Both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are set to emerge as major funding winners from next month’s Budget with the Government already confirming a 25 per cent increase in funding.
In doing so, the Treasurer, Josh Frydenberg pointed to the recommendations of the Royal Commission and the intention to extend the Banking Executive Accountability Regime (BEAR) to all Australian Prudential Regulation Authority (APRA) regulated entities including insurers and superannuation funds.
Frydenberg said the regulators would be provided with more than $550 million in the Budget with ASIC being provided with more than $400 million in additional funding and APRA being provided with more than $150 million.
He said the funding would allow the regulators to strengthen and intensify their approach to enforcement and take on expanded responsibilities to stamp out misconduct in the financial sector.
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
