How the govt will beef up ASIC powers

GOVERNMENT'S PLAN TO BEEF UP THE CORPORATE REGULATOR:

* $127mln package, with the banks to cough up $121mln.

* From 2017/18 the financial industry will provide all funding for ASIC, instead of taxpayers.

* Government to spend $61mln to modernise ASIC's data management systems, enhance data analytics and surveillance capabilities.

* Spend $57mln for increased surveillance and enforcement by ASIC in financial advice, life insurance, lending.

* Spend $9mln to ensure ASIC and Treasury can implement law and regulatory reform.

* ASIC chairman Greg Medcraft's term extended for 18 months.

* Additional ASIC commissioner with expertise in prosecution of financial crime will be appointed.

* Review and additional funds for dealing with complaints and resolving disputes.

(Source: Treasurer)