FSC News

Annual confirmations

Written by The FSC team | April 30, 2021

With changes to the FSPR, many advisers are having difficulty with their annual confirmations. There are help pages on the FSPR: 

New levy classes 

When you file your annual confirmation, there is a long list of levy classes to navigate to find the correct one, and financial advisers and financial advice providers no longer fall under the final catch-all category. Moreover, now there are separate levy classes for financial advisers and for financial advice providers:  

  • Financial advisers (excludes sole trader FAPs), Class 6G, $300+GST 
  • Financial advice providers, Class 6H, $260+GST, plus:  
  • For sole trader FAPs and FAPs that give advice directly to clients, $880+GST 
  • For each nominated representative, $220+GST 

A sole trader FAP is an individual who holds a transitional licence in his/her own name (option 6H(c)). If your company has a transitional licence and engages you as a financial adviser, you are not a sole trader FAP (you have a FAP that engages one financial adviser, option 6H(a)). 

  • Authorised bodies, Class 6F, $660+GST (for each financial service) 

Financial Advice Providers that engage financial advisers only do not have their own option in Class 6H to select yet, so select option (a), and enter 0 (zero) nominated representatives. Alternatively, if you offer advice directly to consumers (e.g. digital advice), select option (c).