ASIC confirms finalised industry funding levy
ASIC has announced its finalised industry funding levy for financial advisers for the 2023–24 financial year.
In July, the regulator published an estimated industry funding levy for the 2023–24 financial year which said the estimated cost for licensees that provide personal advice to retail clients on relevant financial product would be $48.39 million.
The estimated levy would be a minimum levy of $1,500 plus $2,878 per adviser, which was up from $2,818 per adviser for the 2022–23 financial year.
In its finalised levy, ASIC confirmed this has been reduced by 6 per cent to a minimum levy of $1,500 plus $2,691 per adviser.
The finalised levy for licensees that provide personal advice to retail clients on products that are not relevant financial products has reduced significantly by 65 per cent from $483 million to $165 million.
Around 40,000 invoices for these levies will be issued to entities between January and March 2025.
Estimated levy for the financial advice sector
Source: ASIC, July 2024
Finalised levy for the financial advice sector
Source: ASIC, December 2024
AUTHOR
Laura Dew
Recommended for you
ASIC has banned a Queensland adviser from providing financial services for five years after failing to provide appropriate advice that was in the best interest of his clients.
Minister for Financial Services, Stephen Jones, has said it is not a “backdoor attempt” by the government to allow the new class of adviser to provide full advice.
The financial advice industry has seen a net loss after 10 consecutive weeks of net growth in adviser numbers, according to Wealth Data.
Only 11 per cent of financial advice practices have said they are including crypto products on their approved products lists, according to CoreData.
