The government will soon start looking at ways of increasing the AFSL application fee, which could potentially rise to $11,000, says one financial services lawyer.
In August 2015, when the ASIC industry funding model was first introduced, a consultation paper proposed increasing the AFSL application fee to $11,000, up from the average $846 fee. This includes limited AFSLs.
The paper also proposed lifting the fee for variations of AFSL authorisations and other conditions from $255 to $6,900.
Sophie is the director of both Sophie Grace Legal Pty Ltd and Sophie Grace Pty Ltd. Sophie has worked with some of Australia’s largest financial services organisations in compliance, legal and operational roles. She has also worked with small businesses to provide tailored solutions with a strong understanding of business practicalities as well as obligations to regulators.