Extension needed on ASIC levy relief: Accountants
Professional accounting bodies have called on the corporate regulator to extend its financial adviser levy relief to all financial services participants.
CPA Australia, Chartered Accountants Australia and New Zealand and the Institute of Public Accountants, said restoring the Australian Securities and Investments Commission (ASIC) levy to its 2018-19 level over the next two years was a welcome relief for advisers.
“This decision will directly improve business viability and adviser retention rates. These are issues which also severely impact other financial services participants,” the bodies said.
The bodies noted company auditors and insolvency practitioners were also subject to the increase and debilitating fees that were difficult to budget for.
“Today’s announcement recognises the debilitating impact that ASIC industry fees are having on the profession and acknowledges the government’s role in controlling fee increases,” the bodies said.
“It doesn’t make sense to discriminate between participants by granting relief to some while ignoring others.”
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
