The Australian Securities and Investments Commission’s (ASIC) fees-for-service funding scheme began on Saturday after Parliament passed the bill last week.

“Industry funding for ASIC ensures costs of regulation are borne by those that have created the need for it,” Revenue and Financial Services Minister Kelly O’Dwyer said.

“It incentivises greater regulatory compliance, and enhances ASIC’s transparency and accountability.”

Insurance product providers are on the list of subsectors to face graduated levies starting from $20,000, an ASIC factsheet shows.