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Continuing Federal Government reforms of the financial services sector will see the end of separate external dispute resolution forums, with the introduction of a one-stop shop for all financial disputes in mid-2018. In the 2017 Federal Budget, the Government flagged its intention to bring the Australian Financial Complaints Authority (AFCA) into operation by 1 July 2018. These reforms are based on  the recommendations of the Ramsay Review of the financial system, external dispute resolution and…
The Government has given its support to a “user pays” industry funding model for ASIC in line with the recommendations of the Financial System Inquiry (FSI). A consultation paper has been issued today by Assistant Treasurer, Josh Frydenberg, detailing how the funding model will work. The new funding model will require the biggest users of ASIC’s resources to pay up to $220 million of the $260 million the Government spends on the regulator each year.…