The Federal Governmenthas announced in the Budget it will increase the application fee to obtain an Australian financial services (AFS) licence to cover the costs of implementing the Future of Financial Advice reforms.

 

AFS Licence fees will increase from either $287 or $575 (depending on method of application) to $1,485 for a body corporate and from either $159 or $351 (depending on method of application) to $825 for a natural person, and the annual lodgement fee for an AFS licence holder will increase from $351 to $549 for a body corporate and from $144 to $225 for a natural person.

 

The fee increases will provide $23.9 million over four years to the Australian Securities and Investments Commission to facilitate the implementation of the Future of Financial Advice reforms.