Split Opinion Over Fairness of ASIC Adviser Levy

As we go to press this week, just under half of those who have voted in our latest poll (45%) do not believe the reduced $1,142 annual adviser fee is fair and equitable.

This result should come as no surprise, given another recent poll told us that most advisers (82%) disagree in principle that advisers should have to fund ASIC’s industry oversight at all (see: Majority of Advisers Reject Self-Funding…). In fact, we raised an eyebrow when ‘only’ 45% disagreed with this latest poll question.

Meanwhile, the votes cast by 39% of those taking our poll suggest there’s a significant group of advisers who do see the reduced annual fee as fair and equitable, while around one in six (16%) have yet to make up their mind.

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

One comment we received from long-time NSW adviser and Riskinfo contributor, Jeremy Wright, may well represent the view held by many of the 45% who believe the annual levy is neither fair nor equitable. Wrights notes, “A fee must first pass the benefit gained test before it can be determined if it is a fair amount.” In relation to the ASIC adviser funding levy, Wright’s conclusion is that “…even $1 is too much.”

Where do you stand on this question? Do you agree with Jeremy Wright? Or do you look at things a little differently. Neither view is right (pardon the pun) nor wrong. It’s more a question of your own circumstances and experiences as an adviser – but we welcome your views either way.

Our poll remains open for another week as the wheels of regulatory reform continue to roll into what remains an uncertain future for many advisers.