Did ASIC quietly raise the adviser levy?

20 December 2019
| By Mike |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has increased the per adviser levy imposed on licensees without formal notice or fanfare, according to the Financial Planning Association (FPA).

The FPA’s head of policy and standards, Ben Marshan has used social media to point out the per adviser levy rise which he said had been lifted from $907 to $1,142.

In doing so, Marshan provided a link to the relevant page on the ASIC website which confirmed licensees that provide personal advice to retail clients on relevant financial products would pay a “minimum levy of $1,500 plus $1,142 per adviser”.

Marshan said he believed financial planners and licensees needed to be aware of the changes for budgeting purposes.

 

 

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago