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08 Feb 2019 Industry funding levy

MEMBER 19 writes: 

Hi, 

So I have just received my Industry Funding Levy from ASIC in relation to providing limited financial advice in respect of self-managed superannuation funds. It has increased from approximately $600 pa to $2,434! 

I thought I was doing the right thing a few years ago, by applying for a limited licence so that I could advise my clients to stop and start superannuation income streams, make contributions etc. Now with this huge increase in fees, together with the CPD requirements that require me to increase my study on subjects I don’t even practise in, doubling up of fees from the Credit & Investments Ombudsman and AFCA, plus increased liability insurance costs, I think I will have to relinquish my licence. 

Congratulations to the Big Boys – you have kicked me out. There may only be a few practices of my size that have obtained their licence so I guess it won’t increase your fees much if a few of us drop out.

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