How much is ASIC's 2023–24 industry levy?

ASIC ASIC levy fees

8 July 2024
| By Laura Dew |
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ASIC has confirmed the industry funding levy for the 2023-24 financial year and how much licensees can expect to pay.

According to its annual Cost Recovery Implementation Statement (CRIS), ASIC said the estimated costs for licensees that provide personal advice to retail clients on relevant financial product will be $48.39 million.

The estimated levy will be a minimum levy of $1,500 plus $2,878 per adviser.

This is up from only slightly from $2,818 per adviser for the 2022-23 financial year after last year’s figure was reduced from $3,217 following industry backlash. 

The levy had been temporarily frozen for two years in 2020 and 2021 in light of the COVID-19 pandemic at $1,142.

For licensees that provide general advice only, this year's estimated levy is $2,721 with an estimated cost recovery amount of $2.98 million. 

Estimated levy for financial advice sector

Subsector    Estimated cost   Estimated levy   
Licensees that provide personal advice to retail clients on relevant financial products $48.394m Minimum levy of $1,500, plus $2,878 per adviser
Licensees that provide personal advice to retail clients on products that are not relevant financial products $0.269m $483
Licensees that provide general advice only $2.985m $2,721
Licensees that provide personal advice to wholesale clients only $1.884m $976

Source: ASIC, July 2024

The levy metric is based on the number of relevant providers (within the meaning of s910A of the Corporations Act) on the Financial Advisers Register (FAR). A licensee will only pay the levy in proportion to the number of days in the financial year that they held the relevant AFS licence authorisation.

A finalised levy sum will be released in December 2024 and invoices will be sent out to affected firms between January and March 2025.

There had previously been concerns about how much this year's levy would be affected by the matters of Dixon Advisory which has had a big impact on the levy for the Compensation Scheme of Last Resort (CSLR).

Speaking at a roundtable, Financial Advice Association Australia (FAAA) general manager for policy, advocacy and standards Phil Anderson, said: “There have been questions asked of ASIC as to how much it will impact the levy.”

ASIC is currently undertaking action against a former Dixon director Paul Ryan for alleged breaches of directors’ duties regarding his actions in the lead-up to the insolvency, which are alleged to have disadvantaged creditors. However, the action is a corporate matter, Anderson said, rather than one affecting advisers. 

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