ASIC levy

Financial planning

How much is ASIC’s 2023–24 industry levy?

ASIC has confirmed the estimated industry funding levy for the 2023–24 financial year and how much licensees can expect to pay....

Financial planning

Will Dixon costs impact the 2023–24 ASIC funding levy?

With the indicative ASIC levy expected soon, the FAAA has queried whether the cost of action against Dixon Advisory will impact the 2023–24 figures. ...

Financial planning

FAAA concerned over CSLR’s escalating costs

In its pre-budget submission, the FAAA has expressed its concern over the “extremely disheartening” costs of the Compensation Scheme of Last Resort potentially being pass...

Financial planning

ASIC adviser levy reduced by almost $8m

The ASIC funding levy for 2022-23 has been reduced from its original estimates, after criticism that the increase to $3,217 per adviser was too high....

Financial planning

ASIC levy prompts doubling of ongoing fees for Qld adviser

A Queensland financial adviser has detailed how the latest ASIC levy increase has caused him to double the ongoing advice fee for his clients to meet the cost....

Financial planning

FAAA calls on government to re-enact levy freeze

FAAA chief executive, Sarah Abood, has hit out at the 2022–23 ASIC levy estimate for advisers and called for the temporary freeze to be re-enacted....

Financial planning

ASIC levy relief ‘biggest win’ for 2021

Relief from the corporate regulator levy, which could have tripled in three years without action, is the biggest win for the industry this year, according to the Associat...

Policy & Regulation

Why penalties can’t fund the ASIC levy

If the corporate regulator had funds awarded by penalties put into the financial advice levy it could look like a new revenue stream aimed at players with deep pockets....

Financial planning

Advice industry still owes ASIC $2.4m for FY2019-20

The corporate watchdog has said there was an outstanding amount of $2.4 million unpaid by the financial advice sector on its total regulatory cost of $59.59 million durin...

Policy & Regulation

Has successful litigation been enough to cover ASIC levy difference?

Successful litigation against NAB, Westpac and Dixon Advisory could add enough to the corporate regulators coffers to cover the difference from the reduced levy....

Policy & Regulation

Advice levy revenue almost increased 179% in three years

Without the Government’s intervention, levies on financial advice would have increased from $25.6 million in 2017-18 to an estimated $71.4 million in 2020-21....

Financial planning

Extension needed on ASIC levy relief: Accountants

While the corporate regulator’s levy relief for financial advisers is welcome other financial services participants are also being subject to rising fees that are debilit...

Policy & Regulation

ASIC levy relief welcomed

Industry bodies have welcomed the Government’s decision to implement a temporary reduction in cost recovery levies for the next two years, as well as a review of the indu...

Financial planning

ASIC levy reduced by Govt

This relief would see the corporate regulator’s levy restored to its FY19 level of $1,142 per adviser for the next two years, while the flat per licensee charge would rem...

Policy & Regulation

ASIC agrees levy an issue but points to legislation as cause

The corporate watchdog has said it has been communicating with Government and Treasury about its funding model for three years but that they needed to be compliant with t...