ASIC reports on assessment of licensing and professional registration applications

ASIC has released its latest report on its assessment of licensing and professional registration applications.

Warren Day, Executive Director, Assessment & Intelligence said, “We help protect consumers by ensuring an appropriate level of scrutiny is applied to these applications.

“We are keen to foster a better understanding of the nature of ASIC’s decision-making, what we consider when receiving an application and what is likely to increase the time required to consider an application.”

In 2018-2019, ASIC considered approximately 2,491 applications (including applications made in previous financial years), with 64 per cent relating to AFS licence applications, 27 per cent relating to credit licence applications and the remaining 9 per cent relating to professional auditor registrations.

Of the 2,491 total applications, 53 per cent (1,326) were approved. Of all AFS licence and credit licence applications that were approved, 60 per cent were approved in a form different in scope to the licence authorisations sought by the applicant or in form different to the standard conditions.

During 2018-19, 11 AFS licences and five credit licenses were suspended and approximately 16 per cent of the 342 AFS licences and 27 per cent of 546 credit licences cancelled were cancelled at the initiation of ASIC.

This report also provides useful insights about the regulatory and policy issues that impact ASIC’s licensing and registration application-related activities.

Day said, ‘We encourage prospective applicants, and licensees intending to apply for variations, to review this report to better inform their applications and understand the regulatory context when applying.’

You can download the complete, Report 650 Overview of licensing and professional registration application: July 2018 to June 2019 (REP 650)