Fines imposed by ASIC were more than levies collected
Fines imposed by the Australian Securities and Investments Commission (ASIC) in 2022-23 amounted to more than the sum of the industry levies imposed by the regulator over the same period, according to evidence provided to a Senate Committee.
ASIC has told the Senate Economics Committee that total fines for the 2022-23 amounted to $372 million, while industry levies for the same period amounted to $350 million.
The ASIC data will prove interesting in the context of last night’s Budget outlays.
Answering questions on notice from NSW Liberal Senator, Andrew Bragg, ASIC also reveal that the level of fines imposed in 2021-22 at $336 million was more than the industry levies for the same period of $313 million.
The Government imposed a freeze on the ASIC levy through the period of COVID-19 pandemic.
The ASIC data will prove interesting to financial advisers who have often argued that fines collected by the regulator should be used to defray the cost of levies, but that is not how the system operates.
In all but the last two financial years, the level of levies has significantly outstripped the level of fines.
Bragg had asked ASIC to detail the total appropriations from Government over the last five years, with the ASIC data revealing that appropriations peaked in 2020-21 at $474.6 million.
Importantly, the level of fines imposed by ASIC has more than doubled since 2017-18 when they stood at$155million.
Where’s my informed consent?
Where’s my disclosure?
Where’s my details of conflicted rem?
Where’s my signoff?
Thieves, crooks and shysters…. and this is from our regulator.
What a fine example ASIC is on ethical, moral and professional conduct ….NOT.
The entire organisation is an unmitigated joke.
As we know ASIC is not a Regulator but a Profit driven Govt box ticker.
Charging Advisers massive levies to fund its court cases.
And then ASIC / Govt simply pocket the full benefit of fines.
Govt theft via the worst ever legal funder model seen.
ADVISERS NEED TO STOP PAYING AND MAKE A STAND AGAINST CORRUPT ASIC
The equity of this model is absolutely rubbish.
Canberra really is a joke.
This is a further tax on our client base, and clients need to be made aware of what is going on.
The Labor government have ensured that winning votes from the financial services industry is going to be an uphill battle and continue to go for the jugular through various levies. It is unlikely they will be able to turn that around for the foreseeable future.
The only relationship they are putting at stake through the tapping the financial services industry for funding, is ours with our clients.
You would think that the government and ASIC would be a lot nicer to the financial planning industry. We not only have to fund ASIC we also have to act as ligation funders which has added a huge amount to the government revenue. If they keep the witch hunt against financial planners going the government and ASIC might just have to fund their own way.
Why bother joining the discussion. I have written to my local labor member who continues to defend the ASIC levy and won’t admit to the total unfairness about advisers being a litigation funder with no control over the cases selected, and no access to the funds from the fines implemented by the courts which go straight to Consolidated revenue. That is not user pays!!!
Looking through this budget, there is $469 million dollars of taxpayer money (according to SkyNews) which has been allocated to crack down on fraud/graft in the NDIS.
Why aren’t NDIS providers required to pay for their policing and fund recovery activity?
Why aren’t NDIS providers required to pay into a scheme to refund clients who have been victims of dodgy providers?
Pathetic and disgusting theft. Then posturing to reduce the cost and increase access to advice. 0 relief for Advisers who put their clients interests before their super funds. Absolute disgrace and embarrassment