Extension needed on ASIC levy relief: Accountants
Professional accounting bodies have called on the corporate regulator to extend its financial adviser levy relief to all financial services participants.
CPA Australia, Chartered Accountants Australia and New Zealand and the Institute of Public Accountants, said restoring the Australian Securities and Investments Commission (ASIC) levy to its 2018-19 level over the next two years was a welcome relief for advisers.
“This decision will directly improve business viability and adviser retention rates. These are issues which also severely impact other financial services participants,” the bodies said.
The bodies noted company auditors and insolvency practitioners were also subject to the increase and debilitating fees that were difficult to budget for.
“Today’s announcement recognises the debilitating impact that ASIC industry fees are having on the profession and acknowledges the government’s role in controlling fee increases,” the bodies said.
“It doesn’t make sense to discriminate between participants by granting relief to some while ignoring others.”
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
