Fed: ASIC hits back at overcharging claims

AAP General News (Australia)
08-16-2001
Fed: ASIC hits back at overcharging claims

The corporate watchdog has hit back at accusations of overcharging after a report found
it took in 150 per cent more in fees and charges than it spent.

The Australian Securities and Investments Commission says its finances and its benefit
to the community have been misrepresented in a draft Productivity Commission report.

The report found government agencies reaped more than $3.2 billion annually from fees
and charges without proper guidelines to prevent overcharging or cost padding.

ASIC was the most aggressive charger, taking in $361 million in 1999-2000 -- 149 per
cent more than it forked out.

New user-pays rules are being recommended to increase accountability.

But ASIC has attacked the suggested rules as simplistic and unrealistic, saying they
ignore the benefits of corporate regulation to businesses and consumers.

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KEYWORD: RECOVERY (CANBERRA)

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