The Riskinfo Story of the Week takes a look at our new poll, which reveals a relatively even divide as to whether the reduced ASIC funding levy is considered fair and equitable. If you haven’t voted yet, click below to check the results so far…

The reduced ASIC funding levy of $1,142 per adviser is fair and equitable.
  • Disagree (48%)
  • Agree (38%)
  • Not sure (14%)

Our latest poll seeks your feedback on what has been reported as a ‘win’ for advisers.

As we recently reported, the Government has made a decision to reduce – at least temporarily – the annual ASIC adviser levy to its 2018-19 level of $1,142 per adviser (see: Win for Advisers on ASIC Levies).

This move was welcomed by Coalition Senator Slade Brockman, who acknowledged, in a brief speech to the Senate on 30 August, the advocacy work undertaken by the AFA and by the association’s WA State Director, Stephen Knight, in particular (click the video link below).

This substantially reduced fee (advisers were looking at an annual amount well north of $3,000) appears to have been well-received by the industry as a whole.

At the same time, however, we’re also mindful that a recent Riskinfo poll suggests advisers mostly agree that they shouldn’t be required to fund ASIC’s industry oversight in the first place:

The result of a recent Riskinfo poll, which clearly indicates advisers do not support a self-funding ASIC industry oversight model…

So, while the temporary reduction in the ASIC funding levy for advisers has been welcomed and seen as a positive for the sector – at a time when the cost of delivering financial advice to middle Australia continues to spiral – do you view the $1,142 levy per adviser as fair and equitable?

Tell us what you think and we’ll continue the conversation next week…

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1 COMMENT

  1. A fee must first pass the benefit gained test before it can be determined if it is a fair amount.

    Based on what has been quite frankly, a less than ideal outcome for Advisers and all Australians as the end result of the multi Millions of dollars spent by ASIC, who is being told by the Government to recoup costs, leads us to the conclusion that even $1 is too much.

    There have been many mistakes and incorrect conclusions that has led the Industry down the path of immeasurable pain.

    There were also many attempts by experienced, intelligent Advisers who presented well articulated reasoned responses and solutions, which to a large extent were ignored or lost in the plethora of vested interest groups who clouded the real issues to push their own agendas.

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