Basic Levy News Today

Letter from District 95 State Rep. Taylor Collins

Relief from the corporate regulator levy, which could have tripled in three years without action, is the biggest win for the industry this year, according to the Association of Financial Advisers.

Industry bodies have welcomed the Government’s decision to implement a temporary reduction in cost recovery levies for the next two years, as well as a review of the industry funding model.

The Association of Financial Advisers has called for a permanent removal of enforcement costs along with costs associated with investigation and actions against unlicensed operators from the corporate regulator’s financial adviser levy.

The cost of recovering additional funding by the Government along with the decrease in the number of advisers year-on-year has led to the corporate regulator’s licensee levy.

A veteran self-licensed financial adviser has sought hardship relief from the tripling of the Australian Securities and Investments Commission levy, outlining his complaints in a formal letter to the Commonwealth Ombudsman.

Research and analyse innovation, competition and emerging harms; Provide proposals for law reform and assist in its development; Identify and plan for the impact on external stakeholders and internal capabilities; and Provide submissions to parliamentary and Government inquiries on law reform issues. The good news for financial advisers is that the amount ASIC is attributing to policy advice for them is lower than that for insurance companies $447,000 and superannuation funds $1.456 million. Th...

Five planning and accounting groups have united to press the Government to override the Australian Securities and Investments Commission on its proposed levy increases citing the mass exodus of advisers from the industry.