{"id":51895,"date":"2020-09-01T10:26:08","date_gmt":"2020-09-01T00:26:08","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=51895"},"modified":"2020-09-02T07:37:08","modified_gmt":"2020-09-01T21:37:08","slug":"afa-escalates-concerns-on-excessive-asic-funding-levy-increase","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/09\/01\/afa-escalates-concerns-on-excessive-asic-funding-levy-increase\/","title":{"rendered":"AFA Escalates Concerns on \u201cExcessive\u201d ASIC Funding Levy Increase"},"content":{"rendered":"<p>The <a href=\"https:\/\/www.afa.asn.au\" target=\"_blank\" rel=\"noopener noreferrer\">AFA<\/a> has escalated its concerns to the Government around the ASIC Funding Levy increase, which it describes as excessive.<\/p>\n<p>In a statement to its members AFA said that in July it made a submission to ASIC on the 2019\/20 ASIC Funding Levy, recommending that in the context of the Covid crisis, the Government waive the ASIC Funding Levy for the 2019\/20 year which would normally be invoiced in January 2021.<\/p>\n<p>The association says that in its submission it highlighted its concerns with the rapidly rising costs of ASIC \u201c\u2026 at the same time that we see a decline in the number of financial advisers providing personal advice\u201d.<\/p>\n<p>It adds that ASIC has projected that the 2019\/20 ASIC Funding Levy will be $1,571 per adviser, which is a 38 percent increase over the last 12 months and a 68 percent increase over the last two years.<\/p>\n<p>\u201cASIC does not have the power to waive the ASIC Funding Levy and we have therefore escalated our concerns and our proposal to the Government and await a response,\u201d the organisation says, promising to keep members updated.<\/p>\n<p>To see a copy of the AFA submission <a href=\"https:\/\/riskinfo.com.au\/news\/files\/2020\/09\/asicsubmission-costrecoveryimplementationstatementasicindustryfundingmodel2019-20-final-v22.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The AFA has escalated its concerns to the Government around the ASIC Funding Levy increase, which it describes as excessive. In a statement to its members AFA said that in July it made a submission to ASIC on the 2019\/20 ASIC Funding Levy, recommending that in the context of the Covid crisis, the Government waive [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":51900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-51895","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/51895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=51895"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/51895\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/51900"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=51895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=51895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=51895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}