Winners and losers of FMA levy hike

Tue, 19 May 2020

The financial services industry must cough up more cash for its watchdog because the government is cutting the amount it funds the Financial Markets Authority to 17 percent of its total budget by 2023. The government currently pays 25 percent of the Financial Markets Authority’s $36 million operational budget with the rest funded through industry levies. The big banks and insurers – which are undergoing major regulator scrutiny at present following fallout from the Australian Financial Services Royal Commission, will shoulder the bulk of...

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