Submitted by ross smith on Tue, 2023-10-24 11:54

If The Treasurer would reverse his decision to proceed with the 2022-23 INDUSTRY FUNDING LEVY of $55 million on financial advisors for ASIC's investigation and enforcement costs, several thousand former FAR registered financial advisers, including Accountants who know their clients, would reconsider rejoining the profession. Treasury cheats by not crediting ASIC penalties back to IFM 2023 and ASIC allocates other costs not directly related to FAR registered advisors (see Treasury's IFM Final Report June 2023). Then ASIC refused to disclose its costs to Senate Economics References Committee and NACC avoids investigating this malfeasance?? $55 million + ASIC's penalties revenue to Treasury is a more important rip-off than Microprudential Governance for financial advice efficacy in the public interest.

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