ASIC estimates 6% increase in levy
The Australian Securities and Investments Commission (ASIC) has announced that the costs attaching to its industry funding levy have increased by 6%.
The regulator said that for the 2024–25 financial year, ASIC’s total estimated recoverable costs are $349.3 million — a 6% increase from the $328.1 million recovered in 2023–24.
The regulator said that the estimated cost recovery amount for licensees providing personal advice to retail clients stands at $39.271 million reflecting 2,680 licensees covering 15,233 advisers generating a minimum levy of $1,500.
This translates to licensees paying $1,500 plus $2,314 per adviser.
Govt / ASIC freaking double taxation Adviser Theft.
Paying for an Adviser vindictive mostly useless corrupt half arse regulator……..FFS :-/
This system where good advisers are funding the bad advisers is ridiculous. I don’t know of any other industry where this occurs. It’s pure theft. Why should we as honest and hardworking advisers be forced to pay for the sins of others. It’s got to stop!
I think you’re referring to the CSLR levy/theft this is the other one!
None of you get it.
The “morons in government have tried through legislation (viz FSR 2000) to prevent poor or bad behaviour by advisers and others.
God hasn’t made the perfect human being, and if any of you can work out how many legislative barriers have been implemented since FY2000, you will see why they have failed.
Simply, you cannot legislate against poor or crooked behaviour, and isn’t it interesting, they are still catching some despite the draconian barriers being put up.
Ever since “Eve” produced an apple for Adam to eat, human nature has succumbed to some form of temptation, one way or another.
As for the levies, well these were based upon numbers in the profession and initially there was very little resistant from the profession, especially those purporting to represent the ‘rank & file’.
When they number of advisers halved, ASIC and the government didn’t anticipate that many leaving the profession/industry.
So, here’s the thing.
The government will continue to “screw” the advisers because they can, and you have to wonder about the last man/woman still standing as the exodus of advisers leave.
Then we pay again via CSLR when will still stop plus PI cover?
The very entity(ASIC) that regulates companies on acceptable behaviour is ok to hit certain companies a fee increase that’s 2X more than the rate of inflation.
Tell me again where proceeds from successful litigation by ASIC are paid to?!
Another Canberra joke.
Good point Phil, didn’t ASIC & Govt promise that successful court action funds received would offset Levies.
Dear ASIC, what successful cases and fines received have offset any Adviser Levy ?