The Australian Securities and Investments Commission (ASIC) has been given a $541.6 million budget for the 2012 financial year, according to the Federal Budget papers.

But after operating costs are removed, ASIC will be running with a $44.6 million deficit for the 2012 financial year.

It is predicting a similar loss in the 2013 financial year but this will drop to $34.2 million by June 2015.

The authority will spend $172.3 million on enforcement of the financial services regulations – a move designed to enhance consumer confidence in the industry.

ASIC is forecasting enforcement expenses to decline during the next three financial years, dropping to $156.9 million by the end of the 2015 financial year.

The regulator expects to receive $30 million from enforcement actions against companies and individuals during the 2012 financial year.

It has allocated a budget of $116.8 million for research, compliance and education initiatives that includes making access to financial advice “more accessible and reliable”.

The budget for running ASIC’s licensing systems and the registers has been set at $176 million.

Staffing levels at ASIC in the next 12 months are forecast to fall from 551 in the 2011 financial year to 509 in the year ending June 30, 2012.

The amount of funds ASIC holds in matured life policies is estimated to be $3.5 million in the 2012 financial year and this is predicted to rise to $4.5 million by the end of the 2015 financial year.

The outstanding monies are deposited in the Official Public Account and can be claimed back by policyholders.