The corporate regulator has announced its cost recovery implementation statement for FY23, which estimates a $3217 per adviser figure in addition to the $1500 flat fee.

Earlier this week, the Labor government announced the end to the ASIC levy freeze implemented in 2021.

The announcement was accompanied by the final report of the Treasury review into the ASIC Industry Funding Model.

The $3217 graduated figure puts it in line with what was originally proposed for FY21 before the then Coalition government announced the freeze, which was originally estimated to be $3138 per adviser.

The total cost to regulate the financial advice sector is $58.42 million, which is broken down in the table below. The figure included $50.02 million for cost recovery and $8.3 million for statutory levies. The  estimated cost of retail holistic advice covered by the levy totaled $55.23 million.

Source: ASIC