ASIC levy confirmed at $3,217 per AR
The Australian Securities and Investments Commission has released the ASIC levy estimates for 2022-23 confirming financial planning licensees will pay an estimated minimum levy of $1,500 plus $3,217 per adviser.
According to ASIC’s announcement of ASIC’s cost of regulating the subsector in 2021–22 was $56.7 million. The estimated cost of regulating the subsector for 2022–23 is $55.5 million.
The regulator outlined its focus areas in the financial advice sector and listed design and distribution obligations, breach reporting, cyber and operational resilience, facilitating the registration of relevant providers, administration of the financial adviser exam, the Single Disciplinary Body and the Life Insurance Framework reforms review.
What a joke – ASIC should look at cost cutting some staff
An incredible failure from the FPA and AFA (now FAAA) , SPAA and AIOFP for this to have happened. They are all so intent on getting along with the Minister and Treasury that they forget to represent the poor advisers.
It is the members of these organisations which are to blame for failing to hold them to account.
Yep….might have to cancel my membership to put towards the levy.
Yes will do the same thing
Already cancelled all our AFA/FPA/FAAA memberships. If the FAAA put as much effort on the ASIC levy as they do on harassing our adviser to renew their memberships we might have got a better outcome.
Well said. Already left!!
Agreed. Have also decided to not renew. $1000 for membership in light of this tax as it’s too much. It really feels like the FAAA are interested in protecting their future career prospects given the softly softly, don’t offend approach. They’re too afraid to upset anyone.It’s alway “let’s see what happens…it’s early days yet”.
Join ASDAA
https://www.asdaa.com.au/
Money well spent ha ha ha ha….
FFS
What a disgraceful act by Jones. But except nothing else from Labor. And what about our associations? Why do we pay them money for ?
The parties they throw for themselves.
It’s a Government Department that is for consumers. No other Professional Body on the planet funds a Government Department. Again Professional Advisers are being held to ransom. Every adviser should refuse to pay.
What would happen if advisers refused to pay?
Lets us know
Wondering where the $$M raised in fines from BT Westpac disappeared to?It seems appropriate that the large institutional financial vandals should pay for the reg
What a disgrace – more money extorted by the regulatory mafia!
Regulators on comfortable salaries, no skin in the game , have no understanding of the implications of these self justified decisions on people that run small business
Double taxation killing Real Advisers to fund Regulatory Captured Corrupt ASIC.
Disgusting ASIC & Govt
that an increase to every client of around $20 using an average of 100 clients per adviser
Just quoted for home reno work in Qld for first time. There is an building insurance levy of 0.5% for all work over $3300, which the painter has added to the bottom of my invoice. Dont see why we cant add an ASIC levy fee (for clients own protection) at the bottom of our accounts.
Invoice layout as follows:
Adviser services $2,000
Regulatory overhead $1,000
GST $300
Total due $3,300
disgraceful asic shame on you boguns nearly the last straw from you fat cats
It’s great being a financial adviser in Australia, isn’t it?!
They need to take ASIC out of the advice industry, and set up a industry body who handles, discipline, adviser registrations, compliance expectations, etc. Then we can do away with the conflicted ASIC levy and licensees at the same time. That should save about $50k per adviser.
I wonder if the levy will increase to claw back the losses caused by PWC. Next Advisers will be blamed for inflation, the energy crisis and the war in Ukrainian. It’s unbelievable that 100% of Advisers left have to pay so much for those that have departed. What a shame!!
I used to work in the public service in the late 1980’s. I have never seen a greater bunch of useless humanity than those in ‘public service’. They would struggle to work in an iron lung.
Yet those that actually work very hard to pay wages and commercial rents have to subsidise these incompetent muppets makes my blood boil.
This is nothing but but a government sponsored extortion racket.
There ppl are only better than rock spiders.
I also have questions around “Cyber and operational resilience”… What is that about, and how does it relate to us?
Breach reporting – does this relate to breaches reported by advisers? I just love to be charged to do your job!!!
ASIC are incompetent. I want a relevant, diligent organisation to regulate financial services, not this bloated white elephant.
Please make the fee relate to the benefits I get for it, not all this bullsh*t.
ASIC make around $750m pa from their company registration monopoly and they want the SME AFSL’s to pay for all the sh!t that came from the big banks and AMP
Jones “Australians deserve affordable advice”
His ASIC mates “HAHAHAHA, funny guy, watch this…”
I guess that banks will win in the end.
Small Business Financial adviser priced out of the market due to ASIC Levy, PI, CSLR.
QAR will allow banks to pump out unqualified advice with no liability exposure, just as long as the client doesn’t pay the adviser Oh sorry
Financial consultant.
Hmmm back to 2002.
While it is not happening now, watch this space.
Then ASIC will not need to regulate relevant providers or the bank.
Just a thought
We should call it what it is, a tax. Typical goverment action. They’ve never met a problem they think can’t be fixed with more (other peoples) money.
I was ummmming and arrring as to whether of not maintain membership with the new FAAA (from AFA). I made the decision last week to NOT transfer and renew. I must say if the FAAA was jumping up and down and barking at the government now (and really for the last 10+ years) then I would have been disappointed with my decision. Can I identify as a Lawyer and avoid paying this ridiculous levy (Tax)?
Rather identify as an ASIC employee…think the benefits are far greater…
I actually struggle to think of any other category of employment (including Doctor’s, Lawyers, Accountants etc) have to pay a shit levy like this? All so ASIC can ‘spy’ on you
No other profession would (nor should) tolerate it.
Interesting little snippet I picked up today. A call centre operator in the industry informed me that CBA was constantly contacting his life insurer employer seeking details of policies put in place by advisers when employed by CBA Financial Planning. The insurer wasn’t Comminsure!
Seems CBA. maybe engaging in their own version of the “10 year look-back”. The question is are they responding to consumer complaints of bad advice or are they just looking to gouge back a bit of remuneration back from departed advisers, who may or may not, still be advising.