High ASIC levy cost will be borne by super fund members, says ASFA

ASFA says that proposed ASIC levies, under an industry funding model, will impose a high cost on super funds which will be passed on to members, and that ASIC needs to be more accountable in its regulation of the superannuation sector.

The Association of Superannuation Funds of Australia (ASFA) says, in a submission to Treasury, that it supports “the adequate and appropriate funding of ASIC” and that all regulated entities should contribute to that funding.

“This is more equitable and appropriate than funding ASIC solely from consolidated revenue.” Read more...