Eagle or vulture? ASIC levy invoices are landing on advisers



The bad news has arrived. At the same time as financial advisers have been urged to directly lobby the Treasurer, Josh Frydenberg, for a review and reduction in the Australian Securities and Investments Commission (ASIC) levy, those same advisers have been receiving their levy invoices from the regulator.
What is more, the invoice documentation leaves those advisers in no doubt about the cost of failing to pay the levy, declaring that not only would they be hit with a sizeable interest bill but, ultimately, may find themselves deregistered.
The ASIC invoice documentation states:
1. Late payment penalty interest will be charged at the rate of 20% pa each month the levy remains unpaid;
2. We may refer details of your unpaid debt to credit reporting bureaus;
3. We may take legal action if you still do not pay;
4. We may deregister your company and/or cancel your licence for non-payment after 12 months.
The receipt of the invoices has come at the same time as the Association of Financial Advisers (AFA) has suggested to members that they directly lobby the Treasurer, Josh Frydenberg, as the minister most responsible for the levy rises.
Explaining the levy calculation within the invoice documentation, ASIC said: “During the July to September period you may have provided us with your business activity metrics via the ASIC Regulatory Portal. Where you have not provided this information via the portal, we have calculated your levy based on the metrics we have available”.
Recommended for you
Amid regulatory simplification, ASIC has outlined its efforts in making regulation clearer and accessible, as well as unveiled a roadmap for financial advisers on their obligations.
As advisers attempt to tackle mounting operational costs and achieve greater efficiency, the FY25 reporting season has revealed a growing focus on managed accounts among major firms.
Wrapping up the reporting season for the 2024–25 financial year, Money Management rounds up the results of Australia’s listed platforms.
Investment platform Praemium has announced an integration with fund services firm Clearstream’s platform into Praemium Spectrum, expanding advisers’ access to global funds and greater operational efficiency.