ASIC Industry Funding - what it means for you

ASIC

As has been published in the media for some time, the Australian Government has introduced funding arrangements for ASIC (called Industry Funding) to recover most of its regulatory costs from the sectors it is responsible for.

For Vow, this involves charges for all Credit Representatives (CR's) that operate under its Australia Credit Licence (ACL).

The funding arrangements commenced for the FY18 Financial Year (i.e. from 1 July 2017); however, ASIC has only recently published the applicable charges in January 2019 which represents $16.48 for each individual and corporate CR.

Details of the ASIC funding arrangements can be found on asic.gov.au.

Levy Recoupment

As is the case across the industry, Vow will recoup the ASIC levy from the CR's operating under its licence. The full amount of $16.48 per CR will be deducted from commissions in February.

For more information or if you have any questions please do not hesitate to contact your State Manager or BDM.