Levy imposts lower
Peter Dutton
Financial institutions will continue having to dig deep to help fund the cost of regulation, with the Federal Government having released the new financial sector levy rates to apply through 2007-08.
The financial sector levies have been the subject of grumbling by a number of industry organisations, but the assistant treasurer, Peter Dutton, said that in the current financial year the Australian Prudential Regulation Authority (APRA) was planning to collect $100.9 million to fund its own levy-related activities and those of the Australian Securities and Investments Commission and the Australian Taxation Office compared with $111.5 million last year.
“This reduction in levies will benefit each of the APRA-regulated sectors,” he said.
The minister said the lower levies would be complemented by a draw down on reserves from previous levy periods.
“This will allow APRA to respond effectively to the increase in both workload volumes and complexity of the financial market,” he said.
AUTHOR
Mike Taylor
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
