ASIC has provided an update on its licensing and professional registration activities to assist current and prospective Australian financial services (AFS), and credit licensees understand the licensing regime.
Report 797 Licensing and professional registration activities: 2024 update (REP 797) provides the latest information on registration and licence applications from the 2023-24 financial year and key changes to licensing processes.
ASIC Commissioner Alan Kirkland said, 'ASIC's licensing and professional registration function plays a key gatekeeping role by ensuring new licensees and registered professionals meet the necessary thresholds.
'The report provides guidance to AFS and credit licensees and financial services industry professionals about ASIC's rigorous licensing and professional registration decision-making processes.'
ASIC's licensing report also discusses current and emerging licensing issues including in relation to digital (crypto) assets, Buy Now Pay Later (BNPL) services, and payments systems.
Between July 2023 and June 2024, ASIC:
- received 1,531 licensing and registration applications
- finalised 1,246 applications for new and varied AFS and credit licences
- granted 280 new AFS licences and 143 new credit licences
- approved 495 AFS and credit licence variation applications from existing licensees
- registered 113 company auditors, 45 self-managed superannuation fund (SMSF) auditors and 17 liquidators, and
- decided on 80% of new AFS licence applications and 75% of AFS licence variation applications within 150 days.
In the same period, 239 AFS licences and 204 credit licences were cancelled or suspended. In addition, 44 professional registration applications were withdrawn and two were refused.
Commissioner Kirkland said, 'This year we are continuing to improve ASIC's licensing processes and systems through our stakeholder and applicant engagement process.
'We're also building a new digital portal for AFS licensees and applicants to make it easier and more efficient to apply for, maintain, and vary their licence, enabling a modern and user-friendly application process.'
