Fiscal Pressures on Registries –           The Australian            ExperiencePresentation to the Corporate Registers For...
ASIC’s role• ASIC is Australia’s corporate, markets and  financial services regulator.• Our regulatory remit is broad and ...
ASIC’s structure• Created by legislation: ASIC Act• Independent of Government and  accountable to Parliament• Governed by ...
How is ASIC funded?• The ASIC Registry comprises 1/3 of ASIC• Funded by Government appropriation – unrelated to  the $664M...
Trends in funding• Increasing responsibilities – National Credit Register  2010; National Business Names Register 2012; Se...
Challenges of 100% online• Beware the true cost of developing, testing and  supporting online systems, particularly in a t...
Challenges of 100% online• Building on a new or untested technology  platform?• Designing new national processes while  le...
Australia | Fiscal Pressures on Registries to Perform (Kathrine Morgan wicks)
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Australia | Fiscal Pressures on Registries to Perform (Kathrine Morgan wicks)

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Australia | Fiscal Pressures on Registries to Perform (Kathrine Morgan wicks)

  1. 1. Fiscal Pressures on Registries – The Australian ExperiencePresentation to the Corporate Registers ForumKathrine Morgan-Wicks,Senior Executive Registry Transformation13 March 2013
  2. 2. ASIC’s role• ASIC is Australia’s corporate, markets and financial services regulator.• Our regulatory remit is broad and includes: – Companies and businesses – Financial markets – Financial services organisations – Professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit – External administrators e.g. liquidators
  3. 3. ASIC’s structure• Created by legislation: ASIC Act• Independent of Government and accountable to Parliament• Governed by 5 full-time Commissioners, each with separate areas of responsibility• Almost 1,800 staff work at ASIC, over 600 staff supporting the registry• Offices in 9 locations covering each State and Territory
  4. 4. How is ASIC funded?• The ASIC Registry comprises 1/3 of ASIC• Funded by Government appropriation – unrelated to the $664M revenue we collect• Fees are determined by regulation, indexed annually to Consumer Price Index• We collect more than we cost, with $ used to fund other areas of Australian corporate regulation• Efficiency dividend applied to appropriation each year• Working to separate our registry and regulatory cost models
  5. 5. Trends in funding• Increasing responsibilities – National Credit Register 2010; National Business Names Register 2012; Self Managed Superannuation Auditors Register 2013.• Moving to cheaper online models - new registers are being pushed to 100% online and we are funded for an online model• Cutting red tape - rationalisation of State and Territory registers to national online registers with lower fees and increased access to information• ASIC bids for new policy funding to support law reforms with emphasis on cost recovery and + savings for business
  6. 6. Challenges of 100% online• Beware the true cost of developing, testing and supporting online systems, particularly in a time of tightening capital and operating budgets – you will not reap the benefits straight away!• Be generous with your transition and support – for your customers, your staff and your systems• Merging paper-based registers eg. transitioning 8 different customer experiences to 1 online• Migration of unreliable data and increased exposure in an online model
  7. 7. Challenges of 100% online• Building on a new or untested technology platform?• Designing new national processes while legislation still in development – expensive change requests• the fatal legislative deadline for new law reforms that may compromise your product• Legislative uncertainties and political factors• Certain sectors resistant to doing business online (in Australia maybe 5%)

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