Advice industry still owes ASIC $2.4m for FY2019-20
The corporate regulator has revealed there is $2.4 million in outstanding levies from the financial advice sector for the financial year 2019-20.
In answers to questions on notice, the Australian Securities and Investments Commission (ASIC), said the total amount of regulatory costs to be recovered for the year was $59.59 million. This was up from FY2018-19 costs of $34.07 million, and FY2017-18 costs of $28.26 million.
There were also outstanding amounts of $285,000 for FY2018-19 and $177,000 for FY2017-18.
The outstanding amount were also calculated after approved waivers had been taken into account.
Source: ASIC
ASIC noted for FY2019-20 the median levy for licensees that provided personal advice to retail clients on relevant financial products was $3,926 and the average levy was $18,762.
Recommended for you
A third private equity player has emerged in the bidding war to acquire Insignia Financial, rivalling Bain Capital and CC Capital.
The proportion of advisers working at a privately owned licensee rose to 78 per cent in the fourth quarter of 2024 as over 1,000 advisers left a diversified firm.
Advice around a client’s concessional contribution cap was the reason for the latest written direction by the Financial Services and Credit Panel.
The financial advice business has expanded its range of services with the introduction of Apt Wealth Legal Services to meet clients’ evolving needs in estate planning and family law.
