“In light of extended lockdowns across the nation, the FPA questions the validity and timing of the increase, with millions of Australians unable to work and some businesses struggling to keep staff employed,” De Gori said.
“The FPA strongly recommends that the ASIC industry levy be reviewed immediately to provide a more equitable and predictable annual levy, and for the year-on-year increases to better reflect the capacity of the financial planning profession.”
The FPA acknowledged the need for an industry-funded regulatory model but said two major issues had become apparent since the levy was first applied in the 2017-2018 fiscal year.