ASIC Industry Funding – first invoices have now been issued

NIBA CEO, Dallas Booth has advised members that ASIC invoices have now been issued to AFS licence holders under the new ASIC Industry Funding regime.

These invoices recover the costs of ASIC’s operations during the 2017-2018 financial year. The Federal Government decided to introduce this cost recovery arrangement in 2016, and laws to support the funding levies were passed in 2017.

Booth said, “After an extensive period of consultation, and much lobbying by NIBA, the invoices have been prepared on the basis of the amount of time and effort ASIC spends on each of the sectors of the financial services industry. General insurance broking receives relatively little attention from the regulator, and as a consequence the funding invoices for brokers are lower than most other sectors.”

ASIC Regulatory Portal account holders can log in to view their entity’s invoice online. For those not yet registered on the portal, the invoice will be sent via mail to the address registered with ASIC. The invoices must be paid by 15 March 2019, late payment could incur penalty interest costs, and failure to pay could result in action being taken against the AFS licence.

Information about the ASIC Industry Funding regime is available here and about the invoices themselves here.