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.
“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.