ASIC a cash cow gouging millions in excessive fees

Original article by Anthony Klan
The Australian – Page: 2 : 24-Apr-18

Data shows that the Australian Securities & Investments Commission generated revenue of $A801.7m in fees during 2016-17, while it issued $A118.5m worth of fines. ASIC received a total of $A341.6m in federal government funding for the financial year, down from $A350m in 2012-13. However, the government has since ended taxpayer funding of ASIC in favour of an industry-funded system. The government had previously announced in 2014 that ASIC’s funding would be reduced by $A120m over four years.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY

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