Aggrieved financial services consumers might have to wait several years before regulators are adequately resourced to mount court actions against misbehaving and negligent institutions.While community expectations are high that ASIC will launch a wave of civil and criminal actions against financial institutions over the next 12 months, the truth is that most of the federal government's funding boost will not kick in until after 2021.The Morrison Government says it will boost ASIC's budget by more than A$400 over the next four years, but the regulator's funding will rise by only $40.5 million in the 2019/20 fiscal year.According to the budget papers, most of the additional cash will flow through to ASIC after 2021.Given that ASIC suffered deep funding cuts under the pair of budgets delivered by Abbott Government treasurer Joe Hockey, it is difficult to fathom how the regulator might expected to meet the current government's expectation of "an accelerated enforcement strategy" and "deliver on its expanded role in relation to superannuation".The delayed release of new funding to the enforcement regulator (ASIC) looks almost absurd given that APRA's funding will rise by slightly more than $41 million in 2019/20.ASIC's modest funding boost next year almost guarantees it will have to defer some enforcement action to 2022 and 2023 when the bulk of its extra funding is slated to arrive.While that will disappoint thousands of customers awaiting compensation, the Morrison Government last night delivered the major financial institutions a minor bailout of sorts when it announced it would pick up a $30.7 million tab to cover unpaid compensation awarded by the now defunct Financial Ombudsman Scheme.The major banks and big wealth management companies had been under pressure to fund the unpaid FOS awards, which mostly relate to collapsed financial advice and investment companies such as former Gold Coast-based finance outfit MFS. The government also signalled that it will implement Hayne's proposal to set up a special authority to oversee the performance of ASIC and APRA. A new agency known as the Financial Regulator Oversight Authority will be established in 2021 with funding of $7.7 million.Treasurer Josh Frydenberg's efforts to dig up new funding for financial regulators is not likely to be supported by extra revenue flowing from the bank levy.The slowdown in the wholesale funding requirements of the major banks has forced the government to lower its revenue estimates for the levy over the next three years.The levy is calculated as a percentage of the wholesale funding liabilities of the four major banks and Macquarie."Major bank levy receipts are expected to be unchanged in 2018-19, but around $200 million lower over the four years to 2022-23, consistent with lower-than-expected growth in eligible bank liabilities," the government states in the budget papers."Nonetheless, major bank levy receipts are forecast to increase from $1.6 billion in 2018-19 to $1.9 billion in 2022-23."