Budget points to fewer staff within ASIC
The Australian Securities and Investments Commission (ASIC) has emerged as one of the few Government agencies to take a resourcing cut out of the Federal Budget.
At the same time as financial advisers continue to complain about the impact of the increased ASIC funding levy, the Budget documents reveal that while the Australian Prudential Regulation Authority (APRA) is budgeted to have around 44 more staff next financial year, ASIC is budgeted to have around 218 fewer staff.
At the same time, the Financial Adviser Standards and Ethics Authority (FASEA) whose functions are being devolved between Treasury and ASIC is being budgeted to continue having 10 staff on board.
The Department of Treasury itself is to get an increase of 190 staff.
The Budget documents also confirmed that ASIC’s corporate registry would be transferred to the Australian Taxation Office (ATO) which would account for at least some of the ASIC personnel loss mentioned in the Budget papers.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
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.
