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.”