ASIC has released its estimated industry funding levies for the 2023-24 financial year with the estimate for the financial advice sector just slightly higher than the final amount arrived at for the 2022-23 financial year.
ASIC’s 2023-24 Cost Recovery Implementation Statement details the estimated cost recovery amount for licensees that provide personal advice to retail clients on relevant financial products at $48.394 million across 2,766 AFS licensees with 15,371 advisers.
The CRIS says the estimated levy is a minimum levy of $1,500, plus $2,878 per adviser.
In November last year the FAAA had estimated that the final levy amount for the 2022-23 financial year at $2,818 per adviser, some $400 per adviser lower than the original estimate (see: ASIC Levy Reduced From Previous Estimate).
Prior to this, temporary levy relief had been in place for the 2020-21 and 2021-22 years, freezing the adviser levy at $1,142 per adviser (see: No Extension to Adviser Levy Relief).
ASIC notes in its latest statement that these July figures are a guide only. Final levies are published in December 2024 and invoiced between January and March 2025.
It says the CRIS outlines estimated regulatory costs and levies for each industry subsector to help entities plan and budget for levies and fees to be charged.”
