ASIC Enforcement Action: Industry Funding

ASIC can take enforcement action if you fail to pay your industry funding levy invoice.

Requirement to pay Industry Funding Levy:

Section 8 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017 ("the Act") states that companies, financial services entities and credit services entities are required to pay the levy each financial year. The industry funding levy will need to be paid within 30 business days after the levy notice is issued.

If the industry funding levy has not been paid at least twelve (12) months after the due date, ASIC can take action to cancel or suspend the licence.

Enforcement Action:

In July 2024, ASIC cancelled Accumulus Capital Pty Ltd's Australian Credit Licence for: