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
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
