Why accountants are frustrated with ASIC’s levies

Treasurer Josh Frydenberg this week announced a reduction in ASIC levies for financial advisers, taking fees back to 2018-19 levels. But how did we get to this stage where levies have been constantly rising year-on-year? In this episode of Accountants Daily Insider, the Institute of Public Accountants group executive of advocacy and policy, Vicki Stylianou, joins host Jotham Lian to provide context around ASIC’s industry funding model and what it was meant to achieve. Vicki explores how fees have risen dramatically over the years for financial advisers, registered liquidators, and auditors, and delivers a compelling argument on why the government should initiate a blanket freeze for all practitioners. She also discusses the upcoming review of ASIC’s industry funding model and what she hopes will come from it.