ASIC Funding Levy increase is excessive, we’re seeking relief from Govt.

AFA News 27 August 2020. On 24 July 2020, the AFA made a submission to ASIC on the 2019/20 ASIC Funding Levy, recommending that in the context of the COVID 19 crisis, the Government waive the ASIC Funding Levy for the 2019/20 year which would normally be invoiced in January 2021. In this submission we have highlighted our concerns with the rapidly rising costs of ASIC, at the same time that we see a decline in the number of financial advisers providing personal advice. ASIC has projected that the 2019/20 ASIC Funding Levy will be $1,571 per adviser, which is a 38% increase over the last 12 months and a 68% increase over the last two years.

ASIC 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. We will keep you updated.

Please click here to see a copy of our submission to ASIC.

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Issued 27.08.2020. AFA News