Want the ASIC levy decreased? Lobby Josh Frydenberg

If financial advisers want to convince the Government to act to decrease the Australian Securities and Investments Commission’s (ASIC’s) proposed levy increases, then they would be best served directly lobbying the Treasurer, Josh Frydenberg, according to the Association of Financial Advisers (AFA).

In a message to members, the AFA has made clear it believes that Frydenberg is the politician most likely to be able to change the levy situation.

“We have escalated this issue to all those in the Government who we can, however to this point the response has been little more than an acknowledgement of the issue and the problem that it has caused,” the AFA told members. 

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“We have also escalated this issue to the Treasurer’s Office.

“What has been made clear to us is that the ultimate decision maker on this is the Federal Treasurer, Josh Frydenberg.  The Treasurer is also the person who has approved the funding increases for ASIC, following the Royal Commission.”

The AFA said that while it would continue to advocate with whoever it could to have the levy issue fixed, it was now very late in the process.

“Members and other financial advisers may choose to contact their local member of Federal Parliament or State Senator to express their concern, or alternatively go direct to the decision maker,” it said.

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Frydenberg and the LNP need to be sacked by All Advisers and their clients.
Frydenberg started LIF before giving it to ODwyer to finish.
Frydenberg implemented this double tax of directly funding ASIC from Advisers.
Frydenberg implemented the new crazy complete 2nd layer AFSL compliance with Admin platform FDS Optins.
Frydenberg Hates Advisers.
It’s time Advisers showed how much we hate Frydenberg.
Let’s get Frydenberg voted out along with the LNP.

Ah yeah, Einstein because the alternative of Labor is sooooo much better for financial planners, right??

WTAF mate, baby out with the bathwater/cut off nose to spite face much?

Frydenberg is the issue, as suggested lobby the eff out of him, the known friendly LNP MP's (of which there are a growing number) and also direct to the PM.

I think you're probably either Hedware or another Labor/union fund plant trying to sow the seeds of dissension. If not, please tell me, after 'voting out LNP', what oh what is your grandly magnificent master plan? Betting nil response and nil thought process pat your rant, and on the minimally slim chance you actually are a 'planner', I pity your clients for your lack of foresight!!!

Yep Aggro, a 22 yr and still going very well educated and experienced Financial Adviser.
Born and bred Blue blood Liberal.
The last 8 years of this LNP Govt could Not have been any worse for small business and financial advisers.
They disgust me with their lies and Adviser attacks.
And yes I truely believe that the Labor party could
Not have been any worse to Advisers.
Tell me one single good thing this LNP have done for Advisers ? Yep NONE

Wow, delusional and short sighted.

Labor planned, started, orchestrated and has been pushing this entire agenda from well prior to the LNP getting in, or have you forgotten that?

The biggest crime the Libs have against them is a distinct lack of balls to fight it, especially until more recently when a number if ex-planners have joined their party and hold seats.

Be bitter against the Libs, I get that - I also am p*ssed with their gonadless attitude, lack of care and blindness for the truth behind the Labor/Union super fabrications for the last decade plus - but saying that Labor would be better is insane.

That rationale also then indicates that the criminals who planned and executed a brutal assault leading to life altering permanent injuries and financial damage (which is what Labor/union super with the help of ASIC to date have done to our profession) would be better than an ineffectual police force that didn't realise it was happening, didn't really care enough to act in time and then reacted way too late.

As I said, with that level of thought process and allowing sentiment to cloud your judgement, I pity your clients

Are you an Adviser Aggro ?
Do you even know what an Adviser does and how affected we are ?
Have you ever worked with clients for Advice ?
Or just a stooge from Frydenbergs office ?
You sound a lot like a Canberra bubble bureaucratic moron making more excuses at every turn.

CFP, practising for 26 years, great referral/professional working relationships with multiple accounting and legal firms, somehow manage to fit in 90 CPD points per annum, reshaped the business over the last 5 years to deal predominantly with HNW retiree and pre-retiree clients (having seen the writing on the wall several years ago and smartly exited life insurance advice with zero regrets even though we had a sizeable ongoing premium book), smashed the FASEA exam first go in the second round of exams offered, already have solidified my succession plan for approximately 5 - 7 years time with a younger business that values my input and presence and wish me to stay for at least 7 years (with an option I can execute to exit earlier if desired, though unlikely as I am actually enjoying advising again), we run a number of exciting interesting challenging annual activities across all the staff that keeps everyone focussed, engaged and wanting to head in the same direction, hold our own MDA AFSL and in each of our quarterly external compliance consultant visits have been given a clear appraisal as this is one of our focusses, our clients love what we do and regularly refer others to us despite the fact that across the board 18 mths ago we substantially raised fees and explained in detail why we had to, and out of those referrals we don't take on as clients as many people as we do each year across our multiple offices as we are very focussed on who we can deliver true value to - interestingly even those we haven't taken onboard have referred others to us... in short, professional life has never been better, but it has been a hard ongoing slog to get here with constant work on the business and our views of the future along the way.

And no, not blowing my own horn or lying, you asked and all of the above is 100% true.

As I told my children years ago (who now are also successful in their own right after blitzing school and uni), challenges and sh*t happens. Life isn't fair or easy. It is fine to get upset and utterly p*ssed off at times, but only the weak will let it stymie them and blame others or circumstances. Take the hit and setback, analyse adapt and change your way of doing things but never your goals. 99.95% of everything is already predetermined by the positive or negative sh*t you put in your head. And don't get fat.

I hate Frydenburg, as much as you do. He doesn't have an vendetta against us, he just sees us as a painful inconvenience and embarrassment to his own political aspirations, so it's easiest and politically expedient to just implement the RC commission's recommendations.

I also believe the Libs have let us down since 2009 by running far too silent while the Labor Gov seized their best opportunity to bend us over, and after appointing (and tainting) the heads of ASIC, have literally been rectally fisting us to death for the last 13 years. Labor due to their self interest with union funding via superannuation have been controlling and running the agenda and FP persecution ever since then. To say that somehow they would 'be better' is simply incorrect, and an emotion knee jerk excuse for the pain you are going through.

For the first time ever we have multiple ex-financial planners in the LNP ranks, people who know our pain and are doing their best to convey that to a biased unsympathetic media (and magnificently coordinated Labor propaganda machine of AIST, ISA, Choice etc), and to change the course of a behemoth government and parliamentary system against the tide of inaccurate (voting) public opinion which all takes time. But, because you're upset and hurting, you want to kick them out? And replace them with the very people who orchestrated, propagated and drove us to this very situation?

Yeah, smartest ever, dude.

By the way I note you've asked me for justifications etc, but not once except for the angsty teenaged over-indulged spoilt brat brain-dead answer of 'let's make them hurt and punish them because I am in pain', offered anything of substance or historically factually correct in return.

As I said before, if after all the above your answer is still 'yes' , and you really are a planner and not a Labor/ISA plant, then as I maintained all along, maybe this pain and you exiting is for the public best interests.

Thanks for a very detailed response Annonsical, another Adviser with experience, skills and passion.
And yes I’m truthfully a very well educated and experienced adviser in a successful business, AFSL RM for 15 yrs etc.
And Yes I’M VERY ANGRY (caps used for obvious reasons).
At every turn it’s just lies and rubbish from LNP.
Hume says we want to make Advice more affordable = new complete 2nd layer admin platform FDS Optin and the 160% increased Adviser levy. And that’s just the last 2 weeks.
ASIC also ask why is Advice so expensive ? When these morons exponentially increase REGS over 20 years starting with FSRA interpretation and just keep going and going, Strangulation by Regulation. Yet somehow ASIC don’t know why ???? WTF
It proves ASIC are way out of their depth, Regulatory Capture Corrupted and just so bloody arrogant they can never admit any fault.
Still waiting for anyone on here to give me just 1 real world Advice benefit that the LNP have provided us in the last 8 years ?
I can easily list a dozen major attacks.

Hmmm, so you aren't aware of Tim Wilson pushing hard behind the scenes to stop the one-sighted bias of ASIC pro-industry super and anti-planners? Or how the group of LNP senators (including past financial planners now members of parliament) endlessly agitated until this parliamentary enquiry into super was allowed to be held, bringing into spotlight not only ASICs failing with LIF, SMSF false findings, and blindness to prosecuting anything industry super related, but also finally putting industry super's dodgy practices under the spotlight?

If you think an entire Government can be controlled and spun 180 degrees on a dime, simply by the party that happens to be in power at the time (especially against left leaning media sentiment, and CHOICE, AIST etc media releases and let's not forget the farcical Royal Commission that Haynes led outside of any Gov control or direction), then as Aggro implies, perhaps you actually are in the wrong game and a good outcome for the public may be you leaving the industry due to a lack of vision or understanding of how the real world works.

Annonsical, I agree with what you are saying but may I say, I will never ever again vote for my local Liberal Member. This does not mean I will be voting for Labor but I completely understand Agros reasons for voting Labor.
Lets face it, Labor stated (Bill Kelty I believe) very clearly how they intended to use the Superannuation Capital and the Liberals have, if you like, essentially assisted Labor all the way.
The Royal Commission was handled appallingly by the Liberal
- Liberals they gave ASIC $70Million to investigate the Banks and AMP but never thought once to make it conditional that they investigate Industry Super.
- Liberal Banned Grandfathered Commission but never thought to ban Intra Fund Commissions (Fees or what ever they are).
- Liberal agreed to implement the RC recommendation before they were even known - and yes pressure from the media/CHOICE et al - but will that turn into votes for Liberals - lost me, my Family and many friends and clients.
Not sure if anyone is keeping score but I suspect Scott Morrison has done more for Industry Super in building FUM and eliminating competition than any other ever - and I suspect Josh might be his trainee.
Tim Wilson has raised good questions that should have been known decades ago (the War of Industry Super and Retail has been going for decades) but only know are the Liberals starting to realise - hence I'll vote for an Independent and below the line.

Spoken like a true Canberra bubble bureaucratic moron, excuse after excuse that Frydenberg and the LNP for the last eight years ha e not been a disaster to Advisers.
Still waiting for 1 positive result they have given us ?
Forget the so called politicking, I’m talking real world adviser land, that I doubt you understand.
I’m the last 2 weeks we have ASIC Adviser fees up 160% over 3 years it’s existed. Started by Frydenberg.
Frydenberg has also forced complete 2nd layer AFSL compliance at platform level FDS Optins, blindly implementing RC that was caused by his banking buddies.
Yep great job killing advisers Frydenberg and LNP.

The stark reality is that planners have and will continue to exit, either voluntarily or forced by circumstances. While it may not be nice and will at times be extremely painful, to a large degree it also is because of their own lack of foresight and discipline to adapt and change. For those that survive, I believe just as we are already seeing, things will be enormously rewarding. If you have the intestinal fortitude to make changes, big and small. That is not the LNP orchestrating, it is them not being able or willing to entirely stick out their neck to save every single one of us. And perhaps, not everyone is worth saving.

You sound like one of them.

What a load of Rubbish Jonesy, tell me 1 good thing the LMP have done for Advisers in the last 8 years ?
And Jonesy, ill be around for a long while yet and fighting tooth and nail to make these MORONS in Canberra change this madness of STRANGULATION BY REGULATION.

Moronic attitude, answer and blind pig ignorance.

You still have not answered how in hell Labor could ever be better.

Perfect definition of the LNP attitude to Advisers.
“Moronic attitude, answer and blind pig ignorance”
Got your cranky pants on this morning hey Alan?
Still waiting for the 1 positive LNP have given Advisers in 8 years ?????
Yep as we unfortunately know, you’ve got Nothing to reply with, nothing.

And like a true Labor sycophant, obfuscates and scurries around avoiding the question!

How in your delusional world would your old mates, the FP haters, Labor and their union thug buddies, be better?

Waiting.... yep crickets. Moron.

That's the exact point Alan, LNP have been sooooooooooooooooooooooooooo bad that Labor couldn't even be worse if they tried.
Not that Grandfathered income is a big part of our business income but there are multiple individually underwritten Life policies we have for clients that sit on Super platforms that have been caught up in "group" policies because of the underlying legal Super Structure. These have been Individually underwritten polices that we have looked after properly and manage ongoing for the clients. Now we lose the ongoing commissions, the clients DONT get a refund of our lost commissions and would have to thus pay us more to help manage their affairs for their Life policies ongoing.
At least Labor honoured existing Life Contracts and contractual commissions for Advisers to get paid to do their jobs.
LNP, no they have stolen these contractual rights and the clients either have to pay more again or have no Advice.
Great job LNP.
LNP totally screw Real Advisers in the hope big banks could flog direct dodgy Life insurance via crap online and telemarketing. But the RC put an end to that, yet we are left with LIF, Insurance policies written going through the floor, Life Companies going broke partly due too much less new business. And clients with premiums that have increased between 60% to 100%. Yep great job LNP with the LIF.
And please name 1 good thing LNP have done for Advisers in 8 years ???? Just 1 ????

Very immature, Bent.

I've read both arguments and you come across as petulant and blaming without really understanding how things work at all.

So Bill, you pretend to use a real name to make you look legit. But you are not real are you Bill ?
If you are real Bill give us some info please ?
Or you another Frydenberg office stooge like Aggro?

Wow, someone for someone who uses an anonymous moniker (yes, like me) you trying to call out someone who has actually put their name down and you're pushing them to provide proof? Wow, you truly are delusional!!

2 seconds to google the name Alan Jones you washed up clown and see Bill is fake.

And bent is your real name? Can imagine you being a Labor lover you probably are used to bending over for them. Moron.

So Bent, just to get it clear for me, please explain: you are laying the entire blame at the feet of the LNP, and no-one else?

They are the sole group that have led to the persecution of our profession, that is your stance?

You've gone on with the whole, 'What have they done for us and all the blame reasons that you perceive' enough. Just answer those two questions in a direct manner without all the other diatribe, please.

Nope not the entire blame on the LNP but most certainly the majority.
Since my Adviser time in 1998, there have been 8 elections with only 2 Labor Government and 6 Liberal Government.
In that 22 years, starting with the LNP Financial Services Reform Act we have had 20 years of exponential BS REGS & RED TAPE increases. to the point now of utter STRANGUALTION BY REGULATION.
And just in the last 2 weeks we have 160% ASIC Adviser fee increase, ASIC funding model started by Frydenberg.
And complete 2nd layer AFSL compliance for Adviser Fees via platforms. Duplication costly madness.
So yes Annonsical I blame LNP for at least 75% of this complete STRANGULATION BY OVER REGULATION.
Still waiting for you to give us 1 good thing LNP have done in the last 8 years or the last 22 years ? Yep just 1 ???
Nothing hey.

Agree Aggro.

1 more HUME has never heard of the ISF ponzi backpacker carve out

The ASIC levy increase is of small concern compared to what’s coming with the compensation scheme and onerous breach reporting requirements. Christ you make a typo on an FDS and the whole OSA has to be cancelled and start again. What kind of a joke is that

Don't you go to jail for 5 yrs first for bad record keeping, then start again?

Exactly!...there is an agenda at work to rid this country of real financial advisers! (and other small business enterprises)

100% Agree.
Frydenberg or his family have had a bad Asvoser experience somewhere, his vendetta against Advisers and small business for the last 8 years has been disgusting.
Time we show him the same treatment and get rid of him and he can go back to working for the big banks directly.

Labor, moron.

Thanks Alan Jones.
Your new soap box hey :-)

Sounds like your little soap box actually.

Look at you, all petulant dummy spitting an' stuff like an indulged child.

Noticed not once in any of your replies to the numerous people who have attacked this baby-ish attitude of yours, have you offered an explanation how the architects of all our misery, Labor, could be better for us?

Alan, please give us one positive LNP have done for Advisers in last 8 years ? Yep just one ? but you cant.
At least Labor honoured Granfathered Contractual rights for Adviser to continue to get paid.
LNP, keep going the way you are going and you will be GONE.
Attending the AIOFP conference next month where we will continue to gather and strategies support to get rid of Frydenberg and this STRANGUALTION BY REGULATION from LNP.
Wake up LNP and help small business Advisers.
Get rid of 9 layers of conflicting BS REGS.
Get rid of masses of BS RED TAPE admin costs that help no one.
Or get lost.

How do we start a petition to send to Frydenberg and The Prime minister ?
AFA FPA get of your a*&%$#s and get something happening online that we can all sign.
This going back and forth like a buch of angry school kids is ridiculous and getting us no where.

Pretty easy really - there's a full list including contact details here http://www.aph.gov.au/senate/los (senators) and members here https://www.aph.gov.au/Senators_and_Members/Members - even one for the opposition for those morons believing the dark side (Labor) would be better though I couldn't be bothered putting that up as appealing to them is an exercise in futility.

change.org then allows anyone to start a petition.

Pity the FPA/AFA weren't as orchestrated and organised as the mortgage broking bodies, who slammed down their more majorly damaging issues pretty damn quick.

Financial Ombudsman complaint form:

Lodge it about Joshy and ASIC.

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