Currently, FASEA receives industry funding of $3.9 million annually under a contract which expires on 30 June 2021. Funding was intentionally short-term to cover the establishment of FASEA and its initial period of operation to enable it to fulfil its legislative timelines.
It is contemplated by the funding agreement that prior to the termination of the Funding Agreement, separate arrangements will be put in place for the financial services industry as a whole to provide ongoing funding to FASEA to enable it to perform its functions under the Corporations Act beyond the expiry of this Agreement.
The industry funding provided to FASEA under the Funding Agreement is not tied. FASEA may use the funding in connection with the fulfilment of any of its prescribed statutory functions under s.921U of the Corporations Act. The funding is not required to be repaid.