Advice industry still owes ASIC $2.4m for FY20
The corporate regulator has revealed there is $2.4 million in outstanding levies from the financial advice sector for the financial year 2019-20.
In answers to questions on notice, the Australian Securities and Investments Commission (ASIC), said the total amount of regulatory costs to be recovered for the year was $59.59 million. This was up from FY2018-19 costs of $34.07 million, and FY2017-18 costs of $28.26 million.
There were also outstanding amounts of $285,000 for FY2018-19 and $177,000 for FY2017-18.
The outstanding amount were also calculated after approved waivers had been taken into account.
Source: ASIC
ASIC noted for FY2019-20 the median levy for licensees that provided personal advice to retail clients on relevant financial products was $3,926 and the average levy was $18,762.
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