Audio interview

ASIC to be funded by companies it regulates

Financial services industry Self-regulation Investments Australia

The corporate watchdog ASIC (Australian Securities and Investments Commission) is set for a major overhaul that could see it funded by the very companies it regulates.

In a consultation paper released today, the Australian Securities and Investments Commission, suggests ASIC could be bankrolled according to a company's market value and an assessment of its risk.

At present, ASIC is funded by the taxpayer.

The Federal Government says the user-pays model would make ASIC a more effective regulator.

But there are concerns about the perceived influenced banks might have in the way the watchdog operates.

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