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FASEA has an annual budgeted revenue of $3.9m (from their Annual Report), which is currently funded by CBA, NAB, ANZ, AMP, Macquarie, Suncorp & Bendigo Bank (Westpac relieved themselves of this responsibility when they sold their advice businesses in 2019). Despite being the biggest conglomerate of dealer groups, IOOF does not fund FASEA. The current funding arrangements expire June 2021. What do you think is going to happen then? If FASEA continues to exist, then it's likely they will be funded by the entire industry, similar to how the ASIC Supervisory levy works, which is based on a flat fee per AFSL, plus a $$$ figure per adviser on the FAR. On a conservative estimate based on 20,000 persons on the FAR, that's $195pp. And we'll also have the new Single Disciplinary Body as well starting in early 2021, with a registration fee likely for this one as well. Something's gotta give.