The flat per licensee charge will remain at $1,500.<\/p>\n
The statement says this represents \u201c\u2026a substantial reduction relative to the level estimated in ASIC\u2019s 2020-21 Cost Recovery Implementation Statement of $3,138 per adviser.<\/p>\n “The sub-sector as a whole will pay an estimated $46 million less in ASIC Levies in 2020-21 alone, with further savings flowing in 2021-22.\u201d<\/p>\n the freeze in the per adviser levy “…will provide financial advisers with the certainty they need over the next two years…”<\/p><\/blockquote>\n The Ministers add that the freeze in the per adviser levy “…will provide financial advisers with the certainty they need over the next two years to deal with the impacts of Covid-19 and further regulatory reforms making their way through the Parliament, including the introduction of a Single Disciplinary Body and a Compensation Scheme of Last Resort.”<\/p>\n They note that Treasury will also review the ASIC Industry Funding Model while this temporary relief is in place, \u201c\u2026to ensure it remains fit for purpose in the longer term given structural changes taking place in the advice industry.\u201d<\/p>\n This review will commence in 2022 and will be undertaken in consultation with the Department of Finance and ASIC.<\/p>\n The statement says that as implementation of the recommendations of the Financial Services Royal Commission continues, this reduction [in the levy] will help ensure Australians can continue to have access to affordable and professional financial advice.<\/p>\n Industry associations welcome announcement<\/strong><\/p>\n Meanwhile two industry associations have welcomed the Government\u2019s decision on the ASIC\u00a0 industry funding and thanked the Government for listening to their concerns and those of their members. (See: AFA Slams ASIC Funding Levy Increase<\/a> and Call for Review of ‘Unsustainable’ ASIC Levy<\/a>.)<\/p>\n The AFA\u2019s National President, Michael Nowak<\/strong> says, in a statement, that its advocacy on behalf of its members has helped win the \u201cmajor concession from the Government with the proposed trebling of the ASIC Funding Levy on hold.”<\/p>\n He says too that the review of the ASIC industry funding model to ensure that it remains fit-for-purpose \u201c\u2026 is a much-needed move in the right direction.\u201d<\/p>\n![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/web-banner-hume-20212-1-e1630293008866.png\")
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