According to the CSLR announcement, the need for a revised estimate was triggered due to the initial levy estimate exceeding the $20 million cap for the personal financial advice sub-sector.

While the revision is a long way off impacting the sub-sector cap, the cost attributed to financial advice has fallen from $70.11 million to $67.29 million, which is the largest change of any sector.

The CSLR added that it has now notified Financial Services Minister Daniel Mulino of the need for a special levy of $47.29 million.

David Berry, chief executive of the CSLR, said the harm caused by those in the finance sector doing the wrong thing disproportionately impacts and detracts from those acting correctly, and noted that the rate and number of firm failures show little sign of abating.

“Whilst we are disappointed at the need for a special levy, we recognise these funds provide a measure of compensation for those who have experienced lengthy and stressful financial loss,” Berry said.

“The CSLR continues to operate in alignment with the legislative framework in a manner that is effective, efficient and economical as we strive to increase consumer trust across the financial services sector.”

The securities dealing sub-sector, on the other hand, saw a considerable increase in its estimate, which now sits $2.4 million higher at $4.7 million.

The CSLR said this would be funded by its cash reserves and recovered in the FY27 annual levy for securities dealing.