FPA calls for 12-month Budget extension to ASIC levy freeze
The Financial Planning Association has called for a 12 month extension to the Australian Securities and Investments Commission (ASIC) levy freeze.
The FPA has made the call in its pre-Budget submission arguing that the levy should be extended a further 12 months to ensure cost certainty for the sector during the 2022/23 financial year and while the Treasury reviews the ASIC funding model.
“The current freeze has recognised the negative impact that ongoing significant ASIC industry fee increases have had on the financial services sector,” the submission said.
It said many financial planning practitioners are sole traders who work in small and medium-sized practices, and their ability to absorb any additional regulatory costs is extremely limited.
The ASIC Levy is a blank cheque to regulators who will find tasks to waste it on. It should be scrapped for next year and forever.
ASIC Adviser Double Taxation Levy.
Another Adviser killing initiative from Frydenberg, Hume & LNP.
Wasn’t Frydenberg just a delight for 9 years killing Advisers ?
Beside loving the Banks / Institutions and thus always blaming / killing Advisers.
Does Frydenberg have some personal beef with Advisers ?
I was reliably advised some 10 years ago that the government and certain individuals believe we earned too much for selling life insurance ( as they put it )
Some people made very good incomes establishing well run business that assisted client long after a sale was completed
I started believing this not long after LIF commenced and now have no reason to doubt it ???
You’re correct Ken. I was told by a lobbyist for a major Licensee that there were, and probably still are politicians that for what ever reason hate advisors.
It is a disgrace that a Liberal government gave a bureaucracy the ability to simply invoice small business to cover their bloated costs. Hume and Frydenberg were clueless and all Liberal politicians strayed from the published Liberal ‘Beliefs’.