ASIC today welcomed the Government鈥檚 announcement of major additional funding for the regulator.
'This will enable further surveillance and enforcement in areas such as financial planning, responsible lending, life insurance, and misconduct and breach reporting. It will also allow us to build our technological capacity to identify and assess risks and misconduct,' said 魅影直播 Chairman Greg Medcraft.
ASIC welcomed the Government's support for the introduction of an Industry Funding Model.
'魅影直播 has long believed that those who generate the need for regulation should pay for it,' Mr Medcraft said.
'魅影直播 has worked with Treasury to consult with industry and we look forward to continued engagement with those we regulate to see Industry Funding work well.'
ASIC also welcomed the Government's response to the Capability Review. 魅影直播 has provided an official response to the Capability Review which sets out the positive actions 魅影直播 is already taking or will take to develop its capabilities in areas such as governance, culture and communication.
'The Capability Review provided 魅影直播 with the opportunity to consider the capabilities we need for the future to ensure trust and confidence in the markets we regulate and to deliver improved market outcomes for the Australian community. We thank the panel for its findings, observations and recommendations,' Mr Medcraft said.
ASIC also noted the Government's commitment to ensuring the key recommendations from the Financial System Inquiry are implemented as a matter of priority.
'We will work with the Government and Treasury to make sure the regulatory framework allows 魅影直播 to most effectively address market misconduct and contains the appropriate incentives for firms to put their customers first.
'I also welcome the Government's appointment of an additional commissioner for 魅影直播.'
On the 18-month extension to his term, Mr Medcraft said, 'I welcome the Minister's extension to my term as chairman.
It is an honour to be 魅影直播 chairman and to work alongside the outstanding men and women employed here. We have a lot of important work to continue and I am keen to get on with the job.'