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Industry rails against kick in the guts ASIC adviser levy

Advice industry participants have unified in opposition to a significant increase in the annual adviser levy, and questioned the efficacy of an industry funding model that penalises compliant advisers for breaches committed by those that have left the industry. The latest adviser levy for FY19/20 came in at $1500 per licensee plus $2,426 per adviser, with the adviser portion increasing from $1,142 in FY18/19 and $934 in FY17/18. That’s an increase of 160 per cent in two years for an adviser cohort already struggling with the cost to serve. This increase is also being concentrated across advisers providing retail advice; wholesale advisers have a separate levy, which this year sits at $29 per adviser.

New zealandNew south walesAndrew inwoodTahn sharpeSimon carrodusPeter horsfieldInstitute of public accountantsFinancial planning associationFold legalRecovery implementation statementNeil youngerFinancial planningChartered accountants australiaPublic accountantsAdvanced diplomaபுதியது ஜீலாந்து

Should the industry be paying for ASIC s policy advice to Govt?

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. The cost of ASIC providing policy advice to Government and other entities has been revealed not long after discussion around whether the regulator’s role should be narrowed to policing rather than policy-making in the wake of debate around governance issues involving the payment of expenses for the chairman, James Shipton and his deputy, Daniel Crennan.

James shiptonDaniel crennanInvestments commissionAustralian securitiesRecovery implementation statementCost recovery implementation statementAdviser feesBasic levyஜேம்ஸ் ஷிப்டன்முதலீடுகள் தரகுஆஸ்திரேலிய பத்திரங்கள்மீட்பு செயல்படுத்தல் அறிக்கைசெலவு மீட்பு செயல்படுத்தல் அறிக்கைஅசிசி வசூல் செய்தல்

ASIC - Industry Funding: 2019-20 Cost Recovery Implementation Statement

ASIC - Industry Funding: 2019-20 Cost Recovery Implementation Statement
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Industry funding: 2019-20 Cost Recovery Implementation Statement

Industry funding: 2019-20 Cost Recovery Implementation Statement
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Regulator should focus on prevention rather than cure : AFA

ASIC must overhaul the way it engages with advisers to focus on proactive education and guidelines that are easy to understand if it hopes to encourage more licensee take-up of scaled advice, the AF

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