The financial advice sector will pay about $68.234 million in levies as part of its contribution to the Australian Securities and Investments Commission’s (ASIC) regulatory work in the last financial year.

ASIC finalised its Cost Recovery Implementation Statement (CRIS) for the 2021/22 financial year after a public consultation over draft levies it plans to collect from the financial services sector including insurance and financial advice.

The corporate regulator will recover $332.3 million of its 2021/22 regulatory costs via cost recovery and statutory levies, the final CRIS says.

The financial advice sector’s $68.234 million contribution is made up of $54.052 million in cost recovery levies and $14.182 million in statutory levies, according to the CRIS.

The insurance sector will pay $ $67.008 million in total levies comprising of $55.225 million in cost recoveries levies and $11.783 million in statutory levies.

ASIC does not break give a breakdown of the insurance sector by type.

Final industry levies will be based on ASIC’s actual regulatory costs and the business metrics submitted by entities in each subsector.

The final levies will be published in December and invoiced between January and March 2023.

Click here for the cost recovery statement.