According to ASIC’s annual licensing report, it received 1,469 Australian financial services and credit licence applications (new and variation) and approved 1,445.
A total of 578 approvals related to new licences, while 867 were licence variation application from existing licensees.
Of the approvals relating to new licences, 415 were new AFS licences.
In the same period, 416 licence applications were withdrawn or rejected for lodgement, 558 licences were cancelled and 12 licences were suspended. In addition, 21 professional registration applications were withdrawn and 11 were refused.
“The report outlines our important licence assessment work and gatekeeping role to maintain high standards in the financial services and credit industries,” said ASIC commissioner Danielle Press.
Since releasing its last licensing update, the Financial Regulator Assessment Authority (FRAA) has completed its first review of ASIC. FRAA’s overall assessment was that ASIC’s licensing function is broadly effective, and the licensing team is capable, although somewhat constrained by limited resourcing and technology.
The watchdog’s first review made four recommendations, including the need for the corporate regulator to implement a “substantial uplift in its data and technology capability”.
“The FRAA expects that the implementation of these recommendations will require a cultural shift in the way that ASIC approaches its work and engages with its regulated population and broader stakeholders,” the FRAA’s first report said.
“Such a cultural shift should increase the confidence of government, and indeed all stakeholders, in ASIC’s effectiveness and capability”.
In response to the recommendations, commissioner Press confirmed that the corporate regulator is “implementing changes to update our licensing portal to make it easier and more efficient for applicants to apply for a licence”.
“We are also making changes to how we interact with licensees to enhance our engagement with and responsiveness to applicants.”
