The Government confirmed its pre-Budget announcements on increased funding to both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
The Budget documents said the Government was enhancing ASIC’s and APRA’s effectiveness, providing more than $550 million “so they have the necessary resources to discharge their expanded remit and address misconduct”.
The Government will provide more than $400 million to ASIC including:
It said the government wouldl increase APRA’s budget by $152 million to strengthen its supervisory and enforcement activities.
“$117 million of this funding will support APRA’s response to key areas of concern raised by the Royal Commission, including with respect to governance, culture and remuneration,” it said.
“The Government is also providing $7.7 million to establish an independent Financial Regulator Oversight Authority to report on ASIC’s and APRA’s effectiveness.”
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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