The Australian Securities and Investments Commission has estimated its 2023-24 funding levies.

Life and general insurers will be levied about $13.125 million, according to the cost recovery implementation statement.

In the financial advice sector, licensees that provide personal advice to retail clients will probably pay $48.394 million in total, or about $2878 per adviser.

ASIC expects to recover $345.6 million overall via cost recovery and statutory levies to fund its supervision of the financial services industry for 2023-24.

It is providing the estimates before collection time to help financial services companies budget. Levy notices will be issued between January and March next year after actual levies have been calculated.

The regulator says its work in the financial advice sector includes breach reporting, supporting the compensation scheme of last resort and adviser registration.

Advisers have voiced concerns over the 2023-24 levy estimates.

“At first glance, it seems that the ASIC levy per adviser will not move very much for this financial year, compared with the final levy for the 2022-23 financial year, which was $2818 per adviser,” Financial Advice Association Australia CEO Sarah Abood said.

“It’s important to bear in mind that this is just an estimate, and the final amount could change.”

She says the estimated levy remains too high for a shrinking small business financial advice sector where the vast majority of professionals are doing the right thing but are paying for supervision and enforcement against those that are not – including unlicensed operators.

“We continue to advocate strongly for the ASIC levy to be reduced, along with more transparency on how these costs are arrived at,” Ms Abood said.