The Australian Securities and Investments Commission (ASIC) will not increase its surveillance of advisers providing “general advice” this financial year.

The designation covers 1521 of the 3443 Australian financial services licensees.

In its annual report, the regulator says surveillance of insurers will also be unchanged, with a review every seven years on average.

ASIC has reported a 63% increase in surplus to $3.8 million for 2014/15.

Total revenue was $316 million, down from $351 million the previous year, but ASIC managed to cut expenses by 10% to $312 million.