Planning licensees amongst biggest ASIC funders

Financial planning licensees will be amongst those paying the most to fund the Australian Securities and Investments Commission (ASIC), according to information on industry funding released by the regulator this week.

The industry funding summary revealed that 2,985 licensees will be contributing just short of $26 million to fund ASIC on the basis of a minimum levy of $1,500 plus $934 per adviser.

This compares to the $13.1 million which will be paid by insurance product providers and the nearly $9.6 million which will be provided by superannuation fund trustees, some of which would hold planning AFSLs and would therefore also be contributing on the basis of being planning organisations.

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The other big paying sector are credit providers, who will be paying just over $24 million.

Releasing the information this week, ASIC Commissioner, Cathie Armour said this was the first year of the new industry funding model which required ASIC to recover the actual amount spent in regulating the sectors under ASIC’s jurisdiction.

She noted that earlier this year, ASIC’s regulated population was required to complete the process of submitting business activity metrics with ASIC using the metrics to calculate each entity’s share of the regulatory costs for the sectors in which they operate.

On the basis of those metrics, ASIC will be issuing invoices in early 2019 noting that the regulator would also be issuing invoices to those that did not meet their legal obligations to register and submit details via the portal.

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