Receipt of ASIC levy notices worry advisers

Mike Taylor

Managing Editor and Publisher

27 February 2025

Financial advisers have been restating their concerns about the combined costs of the Australian Securities and Investments Commission (ASIC) Industry Funding Levy and the forecast cost of the levy covering the Compensation Scheme of Last Resort (CSLR).

The restatement of concerns by financial advisers has been prompted by their receipt of levy notices from the Australian Securities and Investments Commission (ASIC) covering the 2023/24 leviable year.

Levy notices shared by financial advisers with Financial Newswire have revealed what appears to be an average of around $7,000 to $9,000 depending on the number of advisers and the type of advice being provided

The notices all include the $1,500 minimum for financial advisers on relevant products and then $2,691 per financial adviser.

The levy notices make clear that payment is due by 13 March with a late payment penalty to be charged at a rate of 20% per annum calculated monthly until the levy is paid.

The Assistant Treasurer and Minister for Financial Services, Stephen Jones, last month announced a review of the CSLR after the scheme released its 2026 financial year initiate levy estimate calculating it at $77,975,000, well above the $20 million sub-sector cap for personal advice.

The minister said the Government had directed the Treasury to undertake a comprehensive review of the CSLR with the objective being to ensure it remains sustainable.

Early submissions to Treasury’s review consultation have suggested that the existing scheme arrangements should be scrapped and more equitable arrangements put in place.

One of the key terms of reference in the Treasury inquiry deals with “how the CSLR funding model is formulated, including its potential impacts on businesses who fund the industry levy”.