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.
Comments
Well most of us are supposed to recognise bad debts promptly and take action. That is, debt collect or write off.
So is ASIC fooling themselves that these amounts are even collectible?
Or does ASIC not care?
If an AFSL can’t pay valid levies, then how is it allowed to trade?
I suspect none of these ASFLs, or very few, are actually trading.
I’d also suspect a bunch of AFSLs said get stuffed to ASICs double taxation out of control Levy and chose not to pay.
We were extremely close to doing that.
All Advisers should have banded together and collectively refused to pay the last crazy levy.
ASIC, Frydenberg, Hume & LNP need to be continually told to back the hell off Real Advisers.
Just how incompetent are they at ASIC? What else have they failed to disclose? I for one would love to see their "Gift Register" for 2018 - wonder what treasures that one holds?
The total regulatory costs for the financial sector DOUBLED between 2017/18 and 2019/2020??!!! What kind of fiscal incompetence is this? Imagine a business doubling costs every 2 years and simply passing it on to the same or shrinking pool of clients - it would be impossible. ASIC needs an enema to clean out the rot and waste.
Your heart bleeds doesn't it. Time for ASIC to wind back the milk arrowroot biscuits.
All advisers should boycott this great big new tax from the Liberal government. Simple.
Dear ASIC, the advice industry is still awaiting their FDS's. They are worried they are getting fees for no service.
Has Mr Shipton paid all his back yet?
Who the hell do the glorified pen pusher public SERVANTS think they are? they are CLERKS! What gives them the right to ordain themselves the power to double tax an AFSL. What do they think a licence fee is? These self absorbed, self important clowns are out of control and it is about time some significant ASFSL holders banded together to put these deluded public servants back in their box. This all trickles down to the client being the dolt who has to pay. What part of CLIENT BEST INTEREST do these money grubbing gooses at ASSIC not understand.
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