The corporate regulator expects to collect $29 million from advice licensees via its 2017-18 industry levy – $10 million of which is earmarked for “enforcement” activities.
ASIC has released its cost recovery implementation statement for 2017-18, which lays out how much the regulator expects to raise from the corporate sector via its new industry levy.
The total levy for financial advice licensees will be $29.51 million, of which the vast majority ($26.15 million) will be collected from “licensees that provide personal advice to retail clients on relevant financial products”.
ASIC expects to spend $9.76 million throughout 2017-18 on its enforcement activities relating to licensees that provide personal financial advice.
Areas of focus for ASIC in 2017-18 will be risk-based surveillance of the practises of financial advisers, advice compliance at the five largest financial advice firms, and monitoring of compliance and enforceable undertakings.
The total amount raised from the corporate sector throughout 2017-18 via the levy is expected to be $246.2 million, according to ASIC.
Listed corporations will be asked to stump up $33.96 million, and superannuation trustees and responsible entities will be on the hook for $7.20 million and $22.68 million, respectively.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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