Receipt of ASIC levy notices fear advisers | Australian Markets
Monetary advisers have been restating their issues concerning the mixed prices of the Australian Securities and Investments Fee (ASIC) Trade Funding Levy and the forecast value of the levy protecting the Compensation Scheme of Final Resort (CSLR).
The restatement of issues by financial advisers has been prompted by their receipt of levy notices from the Australian Securities and Investments Fee (ASIC) protecting the 2023/24 leviable yr.
Levy notices shared by financial advisers with Monetary Newswire have revealed what seems to be an average of round $7,000 to $9,000 relying on the quantity of advisers and the sort of advice being supplied
The notices all embody the $1,500 minimal for financial advisers on related merchandise after which $2,691 per financial adviser.
The levy notices clarify that cost is due by 13 March with a late cost penalty to be charged at a charge of 20% each year calculated month-to-month till the levy is paid.
The Assistant Treasurer and Minister for Monetary Companies, Stephen Jones, final month introduced a review of the CSLR after the scheme launched its 2026 financial yr provoke levy estimate calculating it at $77,975,000, nicely above the $20 million sub-sector cap for personal advice.
The minister stated the Authorities had directed the Treasury to undertake a complete review of the CSLR with the target being to make sure it stays sustainable.
Early submissions to Treasury’s review session have steered that the prevailing scheme preparations needs to be scrapped and more equitable preparations put in place.
One of the important thing phrases of reference within the Treasury inquiry offers with “how the CSLR funding model is formulated, including its potential impacts on businesses who fund the industry levy”.
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