{"id":66411,"date":"2023-06-27T19:39:46","date_gmt":"2023-06-27T08:39:46","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=66411"},"modified":"2023-07-05T15:55:59","modified_gmt":"2023-07-05T04:55:59","slug":"asic-adviser-levy-your-say","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/06\/27\/asic-adviser-levy-your-say\/","title":{"rendered":"ASIC Adviser Levy – Your Say"},"content":{"rendered":"
\n\t\t
It's reasonable that the freeze on the ASIC adviser levy has now been removed after two years.<\/strong><\/div>
    \n\t\t
  • Disagree (88%)<\/small>
    <\/div><\/li>\n\t\t
  • Agree (7%)<\/small>
    <\/div><\/li>\n\t\t
  • Not sure (4%)<\/small>
    <\/div><\/li>\n\t\t<\/ul>
    <\/div><\/div>\n\t\t\n<\/div>\n\n

    Our latest poll stems from the announcement earlier this week that the freeze applied to the cost of the ASIC adviser levy will be removed after two years.<\/p>\n

    By way of background, the then Coalition Government actually reduced the ASIC levy for personal advice licensees for the 2020\/21 financial year – down from the $2,246 per adviser that was charged in 2019\/20 to the previous year’s level of $1,142. This amount was levied in both the 2020\/21 and 2021\/22 financial years.<\/p>\n

    Had the freeze not been implemented, ASIC data reveals the adviser levy would have been $2,971 in 2020\/21 and $3,021 in 2021\/22.<\/p>\n

    …the levy freeze was implemented in the first place in order to “…provide financial advisers with the certainty they need over the next two years<\/p><\/blockquote>\n

    According to the Government of the day, the levy freeze was implemented in the first place in order to “…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.\u201d<\/p>\n

    When the freeze was announced almost two years ago, the Coalition noted Treasury would be reviewing the ASIC Industry Funding Model while this temporary relief was in place, \u201c\u2026to ensure it remains fit for purpose in the longer term given structural changes taking place in the advice industry.”<\/p>\n

    The Treasury-led review of ASIC’s industry funding model has now concluded that the current model remains “…broadly appropriate” but that refinements could be made within the existing framework to improve the way regulatory costs are recovered. However, there has, as yet, been no reason offered by the regulator or by the Treasury as to why the (admittedly temporary) two-year freeze has not been extended.<\/p>\n

    This, then, is the context in which the two-year hiatus on increases to the ASIC adviser levy has been removed, and we’re keen to hear your thoughts on the merits of this decision. Tell us what you think and we’ll report back next week…<\/p>\n","protected":false},"excerpt":{"rendered":"

    Our latest poll stems from the announcement earlier this week that the freeze applied to the cost of the ASIC adviser levy will be removed after two years. By way of background, the then Coalition Government actually reduced the ASIC levy for personal advice licensees for the 2020\/21 financial year – down from the $2,246 […]<\/p>\n","protected":false},"author":3,"featured_media":66413,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":["post-66411","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-polls"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/66411","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=66411"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/66411\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/66413"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=66411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=66411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=66411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}