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Industry body calls for urgent review of ASIC levy model

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Financial advice industry bodies make new leadership changes

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ASIC explains three drivers for adviser levy increase


Professional Planner editor Matt Smith speaks with ASIC s Leah Sciacca
ASIC has defended the 30 per cent projected adviser levy increase, with acting senior executive leader for financial advisers Leah Sciacca detailing some of the enforcement, surveillance and project work behind the costings at the
Professional Planner Best Practice Forum Tuesday afternoon.
The projected increase in the levy was top of the agenda for the session, with Sciacca saying the regulator “recognises, obviously” that the $3,138 estimate of the graduated component is an increase on the actual $2,426 charged last year.
Sciacca – herself is a former financial adviser who has been at ASIC for 11 years but only in her current role “for a few weeks” – said she could understand, “from an adviser’s perspective” how they would feel seeing the cost increase, “particularly if they feel as though there’s no regulatory efforts directed specifically towards them”. ....

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Industry body calls for urgent review of ASIC levy model


Industry body calls for urgent review of ASIC levy model
Industry body calls for urgent review of ASIC levy model
The professional body for the stockbroking and financial advice industry has called on the government to “urgently” review the ASIC levy model.
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Following the news last week that the costs allocated by the corporate regulator to the advice sector have increased by more than $16 million for the 2021 financial year, the Stockbrokers and Financial Advisers Association (SAFAA) chief executive, Judith Fox, has urged the government to take action.
“We are concerned that the costs of the new disciplinary body that are incurred by ASIC will be passed on to our members and push up the final levy,” Ms Fox said. ....

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