How does Ecstra get its funding?
Ecstra is funded by Community Benefit Payments made under the terms of ASIC’s Enforceable undertakings actions with financial institutions and individuals. Enforceable undertakings may be accepted by ASIC as an alternative to civil or administrative action where there has been a contravention of the legislation ASIC administers and may include a payment for the benefit of a particular group of consumers or organisation. For further information visit ASIC’s enforcable undertakings registrar.
What about the activities of Financial Literacy Australia (FLA)?
Ecstra assumed the rights and obligations of FLA in December 2018. Ecstra will administer the remainder of the FLA multi year grants.