Financial institutions have a positive attitude towards increased regulation of the financial sector, The Report on Costs of Financial Services has revealed.
The report, commissioned by ASIC and conducted by Chant Link & Associates, found that businesses in the sector see benefits for both their own organisations and the market in the overhaul of the Financial Services Act.
The report however did find that while organisations saw costs associated with regulation as integral to maintaining confidence in the sector, many admitted having less than a complete picture of how much ongoing compliance activities were costing them.
Respondents also were of the opinion that compliance costs could be reduced if regulatory processes were improved.
ASIC said it would use the findings of the study as part of its strategic review of regulation.
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