The Australian Securities and Investments Commission (ASIC) published the indicative levy for advisers in 2021/22 in its latest Cost Recovery Implementation Statement.

According to ASIC, licensees who provided personal advice to retail clients on relevant financial products would have a minimum charge of $1,500 plus $1,142 per advisor.

This was based on the adjusted number of advisers on the Financial Advisers Register (FAR) and the number of days allowed.

There were 2,759 AFS licensees in this category with 17,402 advisors and they had an estimated cost recovery amount of $24.012 million.

ASIC said the amount was capped on the basis of Australia’s temporary financial adviser tax relief, which restored the progressive component of the tax to its 2018/19 level for two years.

In 2020/21, ASIC said the estimated cost for licensees providing personal advice to retail clients on relevant financial products was $71.3 million and had an actual cost of $25.759 million. dollars, because of the royalty.

For licensees who provided general advice only, they had an indicative levy of $486 per year for 2021/22, while licensees who provided personal advice to retail clients on products that were not relevant financial products had an indicative charge of $118.

Regulatory costs to be recovered through industry funding levies were $332.266 million and $68.234 million were to be recovered from the financial advisory sector. This was split between $54.052 million in cost recovery levies and $14.182 million in statutory levies.