Most people who call me want to know two things first: what it will cost and how long it will take. This page gives honest ranges. Every matter is different, and I will give you a written fixed fee proposal after our first conversation.
The Australian Securities and Investments Commission (called the regulator on this page) publishes service charter targets. It aims to decide 70 per cent of financial services licence applications within 150 days of lodgement, and 90 per cent within 240 days. For credit licence applications the targets are shorter. In my experience a complete, well prepared application is decided faster, and an application that draws requests for more information is decided slower. The regulator will not start assessing an application until it is complete.
Scheme registration is a separate step for a retail fund. The regulator must register a scheme within 14 days of lodgement if the application is in order.
The regulator charges a lodgement fee for each application. The fee depends on the type of licence, the authorisations sought and whether the applicant is a body corporate. Fees are indexed each July. As a guide, a new financial services licence application costs between about $2,500 and $8,000, and a credit licence application between about $500 and $3,000.
Licence holders also pay an annual industry funding levy. The levy depends on the sector and the size of the business and is invoiced after the end of each financial year.
I charge fixed fees for defined pieces of work, agreed in writing before I start. The fee covers my time only. The regulator's fees, solicitors' fees for constitutions and compliance plans, audit fees, insurance premiums and the cost of police and bankruptcy checks are extra, and I will give you estimates for them.
I do not publish a fee schedule, because the work varies too much between clients. I will tell you the fee before you commit to anything, and the fee will not change unless the scope changes.
The work varies between applications. After the first conversation, David defines the work and provides a written fixed-fee proposal before starting, so the agreed fee and scope are clear.
The professional fee covers David’s time. Regulator charges and third-party costs such as legal drafting, audit, insurance, police checks and bankruptcy checks are separate. These are identified when the scope is discussed.
The agreed fixed fee does not change unless the scope of the work changes. Any change in scope should be discussed before additional work proceeds.