The Australian Securities and Investments Commission (ASIC) says the shift to industry funding this year will help improve its performance and encourage accountability in the financial services sector.

Chairman Greg Medcraft says it provides greater funding and resourcing certainty, while creating price signals by shifting costs to those who create the need for, and benefit from, regulation.

“It will also provide more incentive for self-regulation and discourage poor conduct among regulated firms,” he writes in the ASIC annual report

“Ensuring Australians can have trust and confidence in the financial system, that markets are fair and efficient and that we provide efficient registration services, is at the heart of everything we do.”

Last financial year ASIC undertook 1437 high-intensity surveillance operations and completed 157 investigations.

It secured 20 criminal convections, with 13 people jailed. It banned 208 people and companies from providing financial services and credit, and disqualified 51 people from directing companies.

ASIC also issued 74 infringement notices, totalling $4.3 million.