AFAs dodge levy increase
The FMA said it needed to adjust its funding because the $28.7m it currently gets from a combination of Government funding and industry levies is no longer enough.
Without more money, from July next year it would strike significant trouble.
It was argued that it was appropriate for participants to pick up the tab, rather than taxpayers, because they stood to benefit most from consumers’ trust in a better-regulated financial market.
Government gave the final sign-off to the increase in levies last week. Commerce Minister Paul Goldsmith said while most levy-payers would end up paying more, the consultation process had given consideration to the structure of the model so it did not pose barriers to entry or growth for levy-payers.
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