ASIC says the levy is mechanical, Hume says ASIC has discretion

The Australian Securities and Investments Commission (ASIC) insists the industry funding model which drives the adviser levy is mechanical and it has little control over the outcome, but the Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume says the regulator does have discretion.

In evidence before a Parliamentary Committee which left some advisers confused, ASIC deputy chair, Karen Chester downplayed the ability of the regulator to alleviate the burden being imposed on advisers, even though the regulatory work which drove the levy increases was generated by the big institutions.

“It is very difficult to carve one piece out against another,” she said describing the process as “mechanical” and noting that there was “very little that we can do”.

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However, Hume noted to a hearing of the Senate Economics committee that the levies imposed on the 10 largest licensees had remained steady while stating that the funding model had “flexibility” and that ASIC had discretion.

The Senate Committee also heard that there was no guarantee that the devolution of Financial Adviser Standards and Ethics Authority (FASEA) functions between Treasury and ASIC might yet add to the levy burden.

ASIC chair, James Shipton said that the way the industry funding model worked meant that if costs increased that cost was allocated across sectors.

“There will be a cost increase but I can’t speculate on how much,” he said.

Shipton said ASIC was working with Treasury on required costs and looking to put a proposal to Treasury.

He said that it would be a matter for the Government on whether the costs flowed through to the industry funding model.

Earlier, ASIC commissioner, Danielle Press was asked how much the ASIC levy had increased over the last two years and claimed that the increased cost per adviser had been about 29% over the last 12 months.




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Danielle Press is misleading us all including Parliament - simple maths provides that the per adviser ASIC Levy has jumped from $1200 last year to $2400 this year. You can spin although I am not sure how that had there not been a drop in advisers leaving the industry and that had the adviser numbers continued to grow at the rate it did prior to 2018 then the mythical number of advisers spread across the total payment may be about 30% increase rather than 100%. Had ASIC even had a modicum of the business cost modelling skills that they require of financial planners we could have planned for the increase - but to have a 60% blow out in the costs between effectively July - November and then hold back the release until March with payment due in 40 days and the threat of a 20% penalty interest rate and AFSL cancellation if you dont pay just smacks of the total incompetence of the regulator in running the industry.
To top it off the penalty actions against the institutions which are being funded by the IFA advisers are when and if they result in penalties see the penalties directed to consolidated revenue and not the ASIC running costs.
It is about time the public woke up to the fact that the single biggest driver of the increased cost of advice is ASIC and the Government, advisers are delivering more for less every year whilst ASIC add to the misery.

"ASIC commissioner Danielle Press told a Senate estimates hearing on Thursday that there has been a 29 per cent rise year-on-year for the cost per adviser".
ASIC, Ms Press do the bloody math. You are telling utter Lies, disgusting Lies !!!
ASIC you are totally incompetent and Corrupt.
Let me do the Math for you:
- 2017/2018 the first levy = $934 / Adviser.
- 2018/2019 second levy = $1,142 / Adviser = 22% increase
- 2019/2020 third levy = $2,426 / Adviser = 112% INCREASSE from last year.
Or a total of 160% increase in just 3 years.
But yeh Ms Press tells complete lies and says 29% year on year rise cost per adviser.
That would be $934 up 29% = $1,205 up 29% = $1,554.
Is ASIC / Ms Press trying to refer to ASIC ESTIMATED Adviser fee that was $1571 ???? That would be close to the 29% year on year rise.
Is Ms Press unaware of the real ASIC Adviser fee = $2,426 / Adviser ???
Is Ms Press unable to do the Math ???
Is Ms Press telling utter Lies hoping no one will look ???
Disgusting Lies, Disgusting Incompetence. Disgusting Corruption is ASIC.

Also ASIC Life Insurance Levy went from $310 pa per AFSL up 114% to $665 then up another 80% to 1,196 pa.
So beside the LIF disaster killing any Adviser incentive to try to write Life Insurance business. LIF has caused premiums to rise in 3 years between 60% and 100% so clients can't afford Life Premiums.
[b]Then ASIC have the gall to increase their levy by almost 4 TIMES in just 3 years. [/b]

I have an idea for a new formula for the ASIC Levy.

Two simple steps:

1. What is your annual revenue?

2. Remit this amount to ASIC.

That would take all the heat out of the discussion.

Once again MIA Jane blathers on about "aware" she is of problems in financial services regulation. But does absolutely nothing to fix them. Please Scomo, can we have financial services minister who is capable of action!

That's the kind of eschewing we have come to expect from ASIC. Money grubbing weasels. "Very little we can do" sounds like "the computer says no". "There will be a cost increase but I can't speculate on how much" reads "We have no cost controls and have no idea how much we spend, but we will be less efficient and more wasteful in the future." These people would never survive outside of the public service.

ASIC commissioner, Danielle Press proved at the Senate Economics Committee how out of touch she is. The Supervisory Levy has not increased by "only 29% in the last 12 months", it increased by 112% (2018/19 levy = $1,142 vs 2019/20 levy of $2,426) with a total 160% increase since the 2017/18 Levy. Let's not mention that ASIC's own estimate released in July 2020 for the 2019/20 levy of $1,571 was waaaaay off the mark. Was she briefed by her ASIC bureaucrats? Imagine if a financial planner had gotten their 'fee' disclosure wrong?

You've got a decreasing pool of advisers (by all accounts it will get down to 13-14,000) being asked to fund infrastructure that was set up to go head to head with the banks who have got out of wealth with really only AMP and IOOF at the institutional level left. Adviser are also being asked to dig deeper on PI insurance with fewer players willing to take on the exposure and the soon-to-be compensation scheme of last resort (which is just plainly bad policy because it forces good advisers to underwrite ASIC's decision to grant AFSLs to non-compliant, poorly managed and under-capitalised boutiques and sole-practitioner firms who don't like the more robust compliance regimes of larger dealer groups). Add on other fixed costs such as licensee fees, software, professional association membership fees, TPB registration, the FASEA exam, further tertiary study, paraplanning and administration (because ASIC places the value of the client-adviser ongoing relationship on the production of an advice document each year to retain fees), while super trustees act as quasi-regulators and claw back fees as part of their own lookback programs, ASIC enforces its own programs and AFCA makes up its own rules which forces more cost on advisers and ASIC wonders why the cost of advice is so high. And while the government and the regulator point fingers at each other and the industry, good advice firms are really hurting and mums and dads who desperately need advice can't access it because, believe it or not, all this cost has to be paid for by someone.

From all this exorbitent revenue to be extorted from the financial services industry how much will the current $600 million Dividend paid by ASIC to Consolidated Revenue increase. This is HIDDEN TAXATION and probably unconstutional.
Like most government entities the operating cost is likely to be fixed, so when adviser numbers drop by 50% revenue will not increase despite doubling the levy.

Last week ASIC told us how they want to spend money to better examine MIS and other products. I think i read they only pay ≈$29 p.a. rather than the $2,400 an adviser pays. Are advisers going to get hit with paying for the technology to examine data in MIS's?

DO NOT PAY THE ASIC LEVY.
ADVISERS MUST REVOLT TOTALLY AGAINST ASIC AND POLLIES AND FORCE THEM TO TRY TO SHUT US ALL DOWN OR START TO LISTEN.
Nothing else work with these self serving morons.
MASS ADVISER STRIKE AGAINST ASIC !!!!

Your anger is understandable Ben. But shutting down all professional financial advisers is exactly what ASIC wants. Failing to pay the ASIC levy on time would just allow them to implement that outcome even faster.

Yep let’s really put the pressure on them.
A good old style across the board strike.
Total revolt against ASIC and Govt from Advisers.
Let’s see them actually try to shut the industry down.
Let’s make then start to listen.
I have zero respect or trust left in Corrupt ASIC and Canberra bubble moronic Pollies.
They don’t listen or care for Advisers or our clients.
Time we return the favour and refuse to listen to them.
Let’s make them act !!!!!
Go ahead ASIC and Pollies forget the death by 1 Million REGS.
Dare you to shut us all down !!!!!
Enough is far too enough.

It really shows you the thinking of people who have never held a real job in their life. When you get paid no matter how bad you are at you job you simply don't get it. Everyone else has a budget and has to stick to it, not ASIC. They spend as much as they like and pass the cost onto others. For all this money being spend what has ASIC done to improve the advice industry? Experienced advisers are walking out the door, practice costs are rapidly increasing, less clients are getting true personal advice due to rising costs, and many people are being pushed to call centres and unlicenced advice. If there was ever a case for fee for no service it is ASIC.

ASIC is corrupt.

The more Press speaks, the clearer it is that she is also as much a part of the problem as Shipton, Crennan, Mecraft and Kell ever were.

Treasury needs to do a retrospective audit of ASIC going back 7 years at least to uncover the major financially irresponsible and basically fraudulent activity that ASIC has undertaken. This would include not only staff payments, like the tax advice for Crennan/Shipton etc (that I am sure was common practise and likely more $$ to uncover), but also payments to third parties producing any of the reports that then enforced LIF/FASEA/FOFA and numerous others that has caused our pain.

Remember 99% of this was brought in and pushed through parliament by the Labor party.

ASIC is trying to destroy a vital Industry !

The Liberal Party unfortunately have shown themselves to be no friend of small business. How can Industry Funds pay only a couple of thousand dollars a year for ALL their general advice providers.
It is a sick situation. Karen Chester should be fired.

Hi Chris, just a note by way of clarification on the ASIC levy paid by super funds (industry, corporate or retail) for their advisers. They pay the same AFSL and per adviser fee if they provide personal advice. General advice of course is different. Intrafund advice is personal advice and these advisers are listed on FAR just as other financial advisers are. Large funds with a lot of advisers pay large ASIC levies too eg Sunsuper has 54 advisers on FAR who provide intrafund advice mainly and the levy has to be paid for each and all have to meet the same FASEA requirements as all other financial advisers. Like other super funds they have many more member contact staff who provide only information or general advice and accordingly aren't registered advisers. You can search the ASIC AFSL register to find how many 'representatives' (includes employed financial advisers) each AFSL has and by clicking on each adviser's name it goes to FAR and you can see their authorisations and educational qualifications.

Sounds like I should just set up a business and provide "General Advice" solely, therefore avoiding the levy?

no the Libs are left with Labor's mess and still dealing with Labor appointees in that sham called ASIC.

Anyone pointing the finger at LNP is short sighted or a union plant, especially as the LNP are pushing ASIC, APRA and a number of other groups to dismantle the union/industry fund/ABC/Labor/IFM leeching from member's super funds.

Sorry, the libs have had 8 years. I have had a gutful. I am as lib as they come, but I want Hume and co out. Maybe if they sit in opposition for a few years they may wake up to the damage they have done. Labor will probably be worse, but I don't care anymore. If you speak to your fellow advisers you will find there are many others thinking the same way and it is building.

(For extra value, read the below in the best Morgan Freeman 'Shawshank Redemption' well paced voice-over voice)

Yawn.

Rolling out this old chestnut.

As previously said, a Labor/Union super plant whose getting nervous that finally the LNP are making headway into your precious corrupt cash-cow called super fees.

Or sign of an inept mind, if you supposedly are a 'planner'.

So turning around a behemoth organisation called 'Government' with countless layers of obstructing bureaucrats, an intensely aggressive opposition with vested financial interests at stake, the majority of media being left wing leaning (including that lovely multi-million $ deal between ABC & union super), a largely uncaring public except for those with an axe to grind against planners, unified virtue-signalling union industry funds harmoniously singing their own morally-correct approach versus a discordant rabble of 'associations' and 'professional bodies' rather than aiming to work together all pointing fingers at each other and no real clue or care for what planners need, biased excessively vocal 'consumer-advocate' groups like Choice all screaming about our faults and perceived fees for no service issues, a corrupt regulator heavily biased towards promoting and allowing union super to be the shining pathway of the only available advice in Australia, and to cap it all off a doddery deluded misled Haynes rolling out a one-sided farcical but damning Royal Commission (that by the way has been the widest ever publicised and constantly aired in Australia - ever wondered about that?) and you want the Gov to do what...? Really? Like that makes any kind of political or even common sense, without a compelling reason. Idiot.

Have you even got off your undoubtedly overweight backside and sat down with your local MP to plead our case like I have had our entire firm do? I highly doubt it.

Have you personally written to all sitting Senators and MP's in both parties, outlining the facts and issues, like both of our offices have done several times over the last 4 years? Again, I highly doubt it.

Have you worked with your AFSL in constructing written submissions each time it has been requested by the Gov or the corrupt regulator? No, I thought not.

It is also clear by your Eeyore whining attitude that, despite all the signals and clear indicators over the last 5 years, you're doing exactly the same in your business as you have done for the last I'm guessing 15 - 20 years rather than adjust the mainsails and tack in a slightly but wideningly different direction with your business.

And if you then roll out that further mentally indolent chestnut, "Why should I, clients LOVE me' BS, then enough said about perhaps why all these changes are necessary and it is time for you to go.

Instead you'd rather sit back like Holden Caulfield, whinging about everything like an eight-year-old locked in the car on a family vacation they don’t want to be on and taking pot shots at the only political party that actually has MP's from our profession actively trying to change things from the inside, especially beginning to hold a corrupt regulator to account, and break the agenda control of union super over the financial planning future of Australia (not to mention multimillion $ funding they provide to Choice and all other anti-planner group in existence). Brilliant idea you have there, that should show everyone right?

Your comments "I want Hume and co out" and "Labor will probably be worse, but I don't care anymore" pretty much prove all I have assumed; that you expect the LNP and probably everyone else to do something for you, and like a truculent spoilt child, pout and stomp on everyone's sandcastles in the sandpit just because yours has crumbled on the side. Grow the f*ck up.

Haha, brilliant! Could not have said it better.

I am so sick of the blatant labor or union false comments procalaiming they're planners who will vote labor next election.

Or as you say, dumbass Darwinian theory whiner planners or riskies blaming the Lib's for everything, when labor started and are pushing the anti-planner agenda.

any planner who thinks voting labor is an option deserves to be out of the profession within the next 3 years.

Thanks for your comments Frydenbergs office:
Whilst we cannot blame the LNP entirely for the Strangulation of the Adviser REGS Gordian Knot.
The LNP certainly need to be blamed for at least 75% of the problem.
As a born and bred blue blood Liberal, I’m more than ready to vote against LNP and encourage all our clients too.
We are just so sick of the constant knives in the back from the LNP that are supposed to support small business and financial advisers and our clients trying to support themselves in retirement.
Remember those people that need our Advice, the clients ???
I think I’d rather take on Labor at least in a fight head on rather than the knives in the back from LNP.
Since my Adviser time started in 1998, there have been 8 elections with only 2 Labor Governments and 6 Liberal Governments.
In that 22 years, starting with the LNP implemented Financial Services Reform Act.
We have had 20 plus years of exponentially increasing BS REGS & RED TAPE increases.
To the point now of utter STRANGUALTION BY REGULATION of Real Advisers.
Ms Hume and ASIC say they want more affordable advice.
And just in the last 2 weeks we have:
i) 160% ASIC Adviser fee increase, ASIC funding model started by Frydenberg.
ii) And complete 2nd layer AFSL compliance for Adviser Fees via platforms. Duplication costly madness.
And we found that ASIC had secretly Paid for Comment from so called highly conflicted academics to make FARSEA Standard 3 completely unworkable in the real world.
FARSEA Standard 6 is also so far reaching and wide ranging in the wider effect of Advice for clients and others that may be affected.
Both completely at odds with making Advice more affordable.
I blame LNP for at least 75% of this complete STRANGULATION BY OVER REGULATION on their time in Govt.
Time to get things changed or time to get a new Government.
And yeh we as an advice business have had plenty of calls, meetings and letters to MP's.
They DONT LISTEN, or Act so time to act against them.

Look up my quotes, son, as you surely need help with your thinking.

"Correct a fool and he will hate you. Correct a wise man and he will appreciate you."
"Grades don't measure intelligence and age doesn't define maturity."
"Any man who expects another to be doing his work for him or looking out for him, had better be paying, related or a family friend. Otherwise he is fooling himself, and himself a fool."
"Taking an enemy to bosom because a friend has upset you, can only lead to lifelong regret"
"Just because you believe God has forsaken you, doing a deal with the devil as a solution is perhaps the greatest weakness of thought and character that a man can ever concede."

My friend, I think you need to heed all these.

Wow thanks again Frydenbergs office for your most incite full Machiavellian style quotes, you really do not have anything but BS Polly speak in your replies.
Please explain 1 single good thing the LNP have done for Financial Advisers and Small business Advisers in the last 22 years ?
Please explain how the LNP have been in power for 75% of the last 22 years and all we have is STRANGULATION BY EVER INCREASING BS REGULATION ?
Don’t the LNP believe in smaller Govt, Liberal Govt, the so called “laissez faire” ? Would seem very much not.
Frydenbergs Office, please spare us the oh so deep and meaningful quotes, please spare us the politicking, just for once in Polly world answer some real questions.
How has the LNP over seen 75% of time in the last 22 years of creating this absolute disaster of conflicted, convoluted, mass multiplicated, BS Over top REGS Advisers world ?
How have the LNP let this happen ?

D*ckhead whinger who wants everyone else to 'do something for him'! Wow.

Pollies aren't here to do something for you idiot, your professional assoc is meant to be doing that.

Running to vote Labor is just about the dumbest thing I have ever heard, as countless others on here have said, they created this mess, but you're pouting and just not listening are you? Seriously dude, you need to get out of planning, and the sooner the better if you are that mentally incompetent! Just effing wow!!

How true and sad a comment from these truely lost Canberra bubble bureaucratic morons
“Pollies aren’t here to do anything for you”
That’s the exact problem with Pollies and Canberra bubble bureaucrats, they have totally lost the plot and have completely and utterly failed to work for us, the people.
The LNP work for themselves and bicker about petty politicking and do absolutely nothing about fixing real problems.
Very sad to have such a pathetic LNP these days.
And that folks is why we the people, we the Advisers will be voting against the LNP and encouraging our clients too. Disgusting Canberra behaviour that we are so used to seeing these days.
Enjoy getting the sack from the people of Australia.

...and the mentally deficient mentality of whiney "can't make it in the real world of planning" continues.

Welcome to extinction dinosaur. Blame everyone else and vent against LNP baby-cakes, fat lot of good that will do you as you become irrelevant and out of business :) :) :) Are we having fun yet whingey, maybe a little smile turning that pouty Labor mouth upwards? :) :)

Sorry Canberra LNP moron, no going out of business for us.
We will be here long after we have helped sack you and the rest of this LNP rabble.
As a born and bred blue blood Liberal i can't wait to wave good bye to you lot. Yep time for a change.
Time to scrub up that resume clown, im sure some pathetic Govt department will want another useless bureaucrat to move sideways into another department or role you have zero training or experience for, that seems to be the standard Canberra way once you stuff up one area, move you on to stuff up another.
Maybe Canberra bubble bureaucratic moron, try the real world for a change, see if you have what it takes to actually run a successful small business starting from scratch, build up and actually employ real people x 20 and still be in business 20 years down the track, growing every year, regardless of the moronic ever increasing BS Red Tape and Regs out of Canberra.
But more than likely that is way beyond your all too limited skill set.

Wow I am in awe! Truly, all that and still time to be a deluded whiney little B*tch boy!! And 'leading' 20 people omg just stop it, you are successful - that is so cute that you think so :) :) Though as I mentioned I do really pity anyone, clients or staff, who are misled by you and your personal views so clearly affecting your professional capacity.

The truly hilarious aspect is you believe anyone who stands to criticise your view must be a LNP employee. Again, wow with the delusional aspect you seem to just be able to get further down that track every message, now that is impressive if nothing else :)

You don't know how much I would LOVE to stack up our business against yours in metrics, son. Across all avenues, especially profits. You see we don't have to whinge and b*tch about poor widdle me & how sad we are that everyone is picking on us with the trembling bottom lip, nor spit the dummy and stamp the foot with a stinky diaper draping down. We just man up and get the job done for clients, staff and most importantly ourselves.

But like others have been saying on here, there is no showing a fool is there? The amusing part reading through all the various comments and people disagreeing with you is that you continue to be the pigeon in the game of chess. Now that truly is simultaneously hilarious, tragic and quite embarrassing.

Please reply, I am loving these posts, each time I get a huge grin and loads of amusement - though I admit it is a little mean to have a battle of wits against an opponent who is so demonstrably unarmed... :) :) :) :) xxx

(Still with the Morgan Freeman voice over)

Yawn.

It is spelt "insightful" son, clearly something you know nothing about. If you're going to attempt to argue a point, at least get your grammar correct as a very basic start.

Interesting; the wisest amongst my peers and clients all freely quote sayings that they have learnt valuable eternal truths and life lessons from throughout their successful lives. The fact you so readily dismiss them speaks volumes about you.

I guess there's no helping some people.

And again, for the slow-learner, please refer to my original message on this subject for the answers. Maybe, being a little slow on the uptake, you may get it second time around.

Have a wonderful day, son.

Yep still waiting for the 1 good thing the LNP have done for Real Financial Advisers in the last 22 years ?
The LNP have been in power 6 out of 8 Govts and you cannot give us 1 good thing you have done ?
Yep stick to your BS quotes, we in the real world have real clients to deal with whilst you Canberra Bubble bureaucratic morons fight with each other, never answer a question and only know 1 course of action, MORE BS REGS, MORE BS REGS, MORE BS REGS, MORE BS REGS, MORE BS REGS. Great Job Canberra : - /

Hello Einstein. So as you clearly cannot comprehend anything other than your own rhetoric & diatribe, let's use that:

Name 1 good thing LABOR has done for planning in the last 22+ years?

That is. aside from starting all this FOFA & planner extinction policy, which the major beneficial outcome would be getting the likes of near sighted idiots (not specifically just referring to you, ol' mate "Bend 'em over for Labor") out of our profession? Just one???

Be interesting to hear your wheedly whiney voice on that one, Johnson.

Yep as i thought you cannot give us 1 good thing the LNP have done in 22 years. Not 1.
And as a typical Canberra bubble moron you twist the conversation, dont ever answer a question you are asked and play games.
Wake up clowns the Australian public, Advisers and our clients are totally sick of your pathetic games.
1 good thing Labor did was to not break contract law and grandfathered old style commission income. Not that it was ever a significant part of our business but i can name 25 clients we have recently let go as we no longer receive a small bit of trail commission income to help them with Advice.
FOFA was never a bad thing if you are a Real Adviser, that actually sees your client regularly and actually does good ongoing Advice work for them. It added very little cost to our business and we did not lose a single client from FOFA.
As for the LNP last 8 years of crap, exponential increasing BS Red Tape and REGS costs.
Clearly you LNP lot cannot see past your own fat navels.
Good luck back in opposition, I will be smiling when you are gone.
And one day you may actually start to listen to people who vote.
One day you may realise that exponentially increasing BS Red Tape costs and REGS that provide ZERO benefit to clients is useless. But you will need another 10 costly consultant reports to tell you exactly what the last 10 reports have told you. There is way too much overlapping, conflicting and BS Advice Regulation. And whats the LNP answer = More BS REGS.
Seriously mind numbing are you lot.

Ah, so by your logic the '1 good thing' Labor did was some inaction on commissions? Utter brilliance, truly you are an Einstein.

They also didn't have a purposely misleading LIF report by a biased regulator pushed down their throats at the time. They also didn't have an opposition baying for planner blood, pushing behind the scene agendas to reduce our numbers like your beloved Labor have been doing this entire time.

You truly are a d*ck, aren't you? Royal commissions, AFCA, FASEA, ASIC, Choice, AIST, Labor all pushing shit against us and because the LNP have a weak ass self interested treasurer and an admittedly inept Hume overlooking our portfolio for too long you want to dismiss the actual headway they have made regarding dismantling our biggest threat, union super? Now when they are on the verge of progress? WTAF is wrong with your head, dip stick?

And again as others have so clearly pointed out, sook, if you think Labor would have been better after the BS Hayne report came out, then you are an even bigger fool than you sound, (almost unbelievable I know as you do come across exceptionally dumb, trust me).

Poor effing baby, you lost some measly insurance clients. Big whoop. We literally gave away over $300k of ongoing risk revenue to a number of risk only specialists and got out of that field 3 years ago and guess what, in the meantime more than tripled that foregone revenue and profit from better focussing on what we are good at.

As others have said on here, grow the f*ck up.

Interesting this topic keeps popping up in latest comments section.

Am I missing something, Bent Way Over? Why should we require any gov, left or right, to 'do something' for us? They don't for other professions? Accountants and lawyers don't expect a hand out. All professions including teachers, medical, police etc and they all say that regulations are tougher and there is more compliance, but that will not change regardless of whatever party gets in.

And as for having to change your business model, Capitalism has always been about change and some people can't get through. If you're a wagon wheel maker and wagons aren't around anymore, then change or go bust it is simple as that.

I didn't see the US gov try to do something for Kodak, FUJI or other film manufacturers when digital cameras came in.

As I stated before, my business has never been more profitable or in a better shape after seeing what was required a number of years ago and navigated away from treacherous waters and into not only calmer sailing but much better fishing areas. Anyone who hasn't done so already or in the midst of making changes by now isn't much of a captain, and definitely not one to follow.

If you are a genuine planner, and not some radical out to agitate, then there are plenty of options out there to help not least of which is the plethora of info on Netwealth.

Way to show how emotional and silly people can get. What a pathetic reason and rationale for voting for socialism.

Thanks for your useless comments junior staffer Frydenbergs office.
6 out of the last 8 govts are LNP and we have this absolute disaster of massive BS total over regulation and crazy BS costs.
And as per usual zero acceptance of responsibility of LNP. Yep let’s blame everyone but themselves hey pollies. Pathetic is LNP.

Wow another sookey booboo message from "your gaping rear cavity". sorry "bentOver for Labor".

There's just level low enough that union super won't stoop to try to 'scare' people to vote against the LNP who are making headway against the fee gouging RIVERS OF GOLD is there?

This 'poor planner me' routine is pathetic and tiresome. Do something for yourself like we have, dipsh*t and change how you do business or better still please go out of business and live on the dole with the rest of your socialism friends.

That's the problem with you Canberra bubble bureaucratic morons, you have no idea of the real world, you wouldn't know what it is to look after clients and help ensure their prosperous retirement.
Grow up, actually do something that helps the real world.
Do something to cut the 9 different overlapping and conflicting regulators Adviser face. Thus our clients face through us.
Good for nothing self serving bureaucrats.
Can't wait to fire you at the next election.

Still going on about that BS? Also the 'grow up' line was originally used on you by one of the other commentators against your view, so take your own second-hand advice. If you 'help clients to ensure a prosperous retirement' then surely crapping on about politicians doing something for you is about as useful as hoping to win lotto which sounds about the level of planning for your own retirement that you would have done by the sounds of it.

Sorry but #blamelabor as an excuse expired with #stoptheboats

Yeah Einstein, about as useful as the #insulationfiasco or the #CraigThomsonisinnocent

Your union super fund employer must really be worried if they're peppering our forums with this scare talk hahahaha :) :) :)

Ok clever clogs. If we were to list LNP corruption scandals we'd need a new web server just to cope with the deluge.

Ah, so now I understand the "mechanics"... when there's only one adviser left, he or she will be paying the entire levy. :P

Sure, ASIC... that works!!!

If your Dealer Licensee goes online to ASIC and submits a compliant, the Licensee has half an excuse to delay payment. When ASIC gives 'a wishy-washy' response (ASIC's normal corporate lawyer behaviour}, then complain again and withhold payment until the complaint is addressed to the Licensee's satisfaction. That is, if it is unreasonable, if it's disproportionate, just keep lodging complaints 'push them up against their own wall of unconscionable conduct' endlessly ... When ASIC's corporate lawyers hate it, then they will find a solution to settle. I hope ASIC, Senator Jane Hune and Senate Select Committee are reading these blogs - Money Management, please forward these transcripts to them. I have never had a response from [email protected] in the last 15 years so I assume the Australian Financial Review journalists (Mr. Michael Stuchbury) may be an elitist mob, like corporate lawyers. How many national Press Releases has the FPA done? FPA has provided a draft letter to send to your local Member of Parliament, that is not strong Efficient Market Hypothesis.

who wants to wager on whether or not, the levy will increase again next year.

yes, it will increase again probably double this year.

Senator Hume has moved on to a new portfolio, we'll go back to ground zero of nothingness with a new minister

Senator Hume hasn't moved on, she's just got an additional appointment.

It's an extra portfolio. Unfortunately she still has (theoretical) responsibility for financial services. No doubt the demands of her additional portfolio will be used as her excuse for continuing to do absolutely nothing to fix the mess she has presided over in financial services.

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