ASIC industry funding model: AFS licensees

The fees payable by Australian Financial Services (AFS) licensees will depend on which sub-sector (PDF) the entity is determined to be in. This is determined by whether the AFS licensee provides:

  • general advice or personal advice
  • advice to retail clients or wholesale clients
  • advice on relevant financial products.

Sub-sectors with flat levies

The following AFS licensees will pay a flat levy:

  • those that provide general advice only
  • those that provide personal advice to retail clients on products that are not relevant financial products
  • licensees that provide personal advice to wholesale clients only.

Other related sub-sectors that will also pay a flat levy include managed discretionary account (MDA) providers.

Sub-sectors with graduate levies

AFS licensees that provide personal advice to retail clients on relevant financial products will pay:

  • $1500 (minimum)
  • a graduated levy adjusted on the number of relevant advisers.

Fees for service

The fees ASIC charges for specific regulatory activities have also changed to reflect the actual cost to ASIC associated with the work. In most cases this has resulted in a fee increase.

ASIC has adopted tiered fees for regulatory service activities that vary in complexity – high, medium, low – for AFS licence applications and variations. The complexity of an AFS licence application will be determined based on the applicant type and the financial service and product authorisation the applicant is seeking.

The following fees are from the ASIC Cost Recovery Implementation Statement: Fees for service under the ASIC industry funding model (2018–19) and were correct as at 3 July 2018. ASIC will review the fees periodically. 

Form FS01 Australian financial services licence application

Client type Paper

Retail

Individual

Low

$2233

$3349

Retail

Individual

High

$5025

$7537

Retail

Other than an individual

Low

$3721

$5582

Retail

Other than an individual

High

$7537

$11,305

Wholesale

Individual

Low

$1488

$2233

Wholesale

Individual

High

$3350

$5025

Wholesale

Other than an individual

Low

$2233

$3349

Form FS03 Application to vary the authorisation conditions and other conditions of an Australian financial services licence


Applicant type

Individual

$2214

$3328

Other than an individual

$2470

$3704

Other fees for service


Applicant type

FS64 Request for voluntary suspension of an Australian financial services licence

$899

FS65 Request to revoke Australian financial services licence

$899

Removed fees

The following ASIC forms fees will be subsumed into annual levies.

Form

P-FS06 Appointment of an auditor of an Australian financial services licensee

$39

P-FS70A Australian financial services licensee profit and loss statement and balance sheet—Body corporate

$608

P-FS70B Australian financial services licensee profit and loss statement and balance sheet—Natural person

$249

P-FS70C Australian financial services licensee profit and loss statement and balance sheet—Superannuation fund trustee or partnership

$608

P-FS70D Australian financial services licensee profit and loss statement and balance sheet—Body corporate, non-disclosing entity

$608

Fee arrangements for authorised representatives

AFS Licensees can now update all details online for financial advisers and authorised representatives using ASIC Connect. The paper form used to notify changes previously has been removed.

The following fees are from the ASIC website, as at 1 July 2018. Other fees may also apply.

Change

Appointing one authorised representative

$47

Appointing one representative as both a financial adviser and an authorised representative

$47

Updating one authorised representative's details

$31

Ceasing an authorised representative's appointment

$31

Late fees – failure to notify ASIC of any updates to authorised representative details within 30 business days of the effective date:

• notification is less than one (calendar) month late
• notification is over one (calendar) month late




$79
$329

Exemptions

When an AFS licensee is first approved, they have a period of 10 business days to appoint their representatives. During this time-period, AFS licensees are not charged any fees for appointing representatives.