ASIC levy to raise $246.2m from industry

ASIC levy to raise $246.2m from industry

ASIC’s new industry-funded model will see the corporate sector levied a total of $246.2 million for 2017-18 – with advice licensees alone expected to pay $29 million.

ASIC has released its cost recovery implementation statement for 2017-18, which lays out how much the regulator expects to raise from the corporate sector via its new industry levy.

The total amount raised from the corporate sector throughout 2017-18 via the levy is expected to be $246.2 million, according to ASIC.

Listed corporations are expected to pay $33.96 million, and superannuation trustees and responsible entities will be on the hook for $7.20 million and $22.68 million, respectively.

The total levy for financial advice licensees will be $29.51 million, of which the vast majority ($26.15 million) will be collected from "licensees that provide personal advice to retail clients on relevant financial products".
ASIC expects to spend $9.76 million throughout 2017-18 on its enforcement activities relating to licensees that provide personal financial advice.

Areas of focus for ASIC in 2017-18 will be risk-based surveillance of the practices of financial advisers, advice compliance at the five largest financial advice firms, and monitoring of compliance and enforceable undertakings.

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