The increase was the result of a full year of business names registration revenue and the introduction of the insolvency notices website on 1 July 2012, according to ASIC’s annual report tabled in parliament yesterday.
ASIC also received $883 million in unclaimed monies – $520 million under the Banking Act, $31 million under the Life Insurance Act and $331 million under the Corporations Act.
Total expenses administered on behalf of the government were $574 million for 2012/2013, resulting in a net contribution to the Commonwealth of just over $1 billion – up from $600 million in 2011/2012.
The discrepancy was largely down to a change in the way unclaimed monies were accounted for in 2012/2013.
The corporate regulator’s operating expenses (ie, funds provided by parliament) were $411 million for the year, which was seven per cent higher than 2011/2012.
“The increase in expenditure relates to increased responsibilities for enhanced market supervision and implementation of the Stronger Super reforms,” said the report.
There was also an increase in expenditure funded by ASIC’s Enforcement Special Account.
As for ASIC’s major enforcement actions, 25 criminal proceedings were completed over the year, which saw 22 people convicted, nine jailed and 13 given non-custodial sentences or fines.
Fifty people were banned from the financial services industry in 2012/2013, and 38 were banned from participating in consumer credit activities.
ASIC also commenced 193 investigations over the year – 20 more than in 2011/2012.
The corporate regulator accepted 20 enforceable undertakings throughout the year and oversaw 17 ‘negotiated outcomes’.
