The corporate regulator has released the levies advice licensees will have to pay to fund its regulatory costs under its industry funding model.
According to ASIC’s summary of levies for 2017-18, licensees providing retail advice to retail clients on relevant financial products will be given a minimum levy of $1,500 plus $934 per adviser.
Licensees providing personal advice to retail clients on products that are not relevant financial products have been given a levy of $1,905.
As for licensees providing only general advice, their levy is $592, while licensees providing personal advice to wholesale clients have a $547 levy.
ASIC said it will issue invoices in early 2019. It will also issue invoices to those that did not meet their legal obligations to register and submit details via the portal.
Licensees will be given until February to pay or "face interest penalties". From March 2019, the regulator will begin pursuing late payments.
ASIC commissioner Cathie Armour said this was the first year of a new industry funding model that requires ASIC to recover the actual amount spent in regulating the industry sectors under its jurisdiction.
“Our goal is ensuring a fair, strong and efficient financial system for all Australians and lies at the heart of all our regulatory activities,” Ms Armour said.
“We have been working with industry to implement the new model and making public the cost of our regulation marks a significant milestone in this process.”
ASIC’s regulatory costs total $236.6 million, with the levies part of the government’s industry funding arrangements that became law in 2017.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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