The corporate regulator has outlined the amounts advice licensees might be expected to pay in order to fund its regulatory costs for 2018-19.
Licensees providing personal advice to retail clients on relevant financial products will likely have to pay $1,500 plus $907 per adviser, ASIC said in its Cost Recovery Implementation Statement (CRIS) for its funding model for 2018-19.
For licensees providing personal advice to retail clients on products that are not relevant financial products, the levy is predicted to be $1,958.
Licensees only providing general advice will likely have a flat $828 levy, while licensees providing personal advice only to wholesale clients will be expected to pay a flat $566 levy.
This information will help industry better plan for the actual levy, which will not be billed until January 2020.
The indicative levies are a guide and the amounts are likely to change when ASIC’s regulatory costs are known and published in December 2019.
“This information will help industry better plan for the actual levy, which will not be billed until January 2020,” ASIC said.
“The indicative levies are a guide and the amounts are likely to change when ASIC’s regulatory costs are known and published in December 2019.”
Further, ASIC also outlined its main regulatory areas of focus on the financial advice sector, including:
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].
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.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.