Advisers have communicated their cost concerns to Financial Services Minister Stephen Jones, particularly in relation to an expected rise in annual levies paid to the Australian Securities and Investments Commission (ASIC). 

They also raised other matters, including falling adviser numbers and the Quality of Advice (QAR) reforms, with Mr Jones at a series of open industry events co-hosted by members of the Joint Associations Working Group (JAWG).   

On the ASIC levy many attendees raised questions about the fairness of the increase, which is estimated to nearly triple to $3217 per adviser for the 2022/23 year from $1142 in 2021/22. 

They say the increase follows the Government’s decision not to extend the ASIC levy freeze at $1142, a temporary measure introduced by the previous government. 

“It just doesn’t make sense to see the per-adviser ASIC levy almost tripling, at a time when the number of advisers has almost halved, and we are trying to reduce the cost of advice for consumers,” Financial Advice Association Australia CEO Sarah Abood said. 

“This issue was proactively raised by attendees at every event, and the minister has now heard the concerns very clearly directly from those most affected.” 

On the QAR reforms advisers were also keen to hear from Mr Jones about the progression of plans after the Government said it would take up the report’s recommendations over three stages. 

“This first package of reforms is critical in helping advisers deliver more great advice for Australian consumers,” Ms Abood said. 

“The Government and Treasury are moving swiftly to implement these measures, and the minister clearly stated his goal for draft legislation to be available this calendar year.” 

She says Mr Jones and his team “are very aware of the need to involve all stakeholders early, including licensees and the regulator, in designing a solution that will achieve the goals.”