ASIC Grants 280 New AFS Licences Within 12 Months

On October 11, the Australian Securities and Investments Commission (ASIC) updated its latest information on licensing and registration activities for local financial services firms.

According to the regulator, between July 2023 and June 2024, ASIC received 1,531 applications for licenses and registrations and finalized 1,246 of these new or varied applications.

In addition, ASIC approved 280 new Australian financial services licenses and 143 credit licenses during this 12-month period. A further 495 variation applications submitted by existing licensees were approved.

80% of new applications for financial services licenses and 75% for variations to licenses received a decision from the regulator within 150 days.

ASIC also cancelled or revoked 239 financial services licenses during this period.

“ASIC’s licensing and professional registration function plays a key gatekeeping role by ensuring new licensees and registered professionals meet the necessary thresholds,” said ASIC Commissioner Alan Kirkland. “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 is building a new digital portal for ASF licensees and applicants to make the process of application, maintenance, and variation simpler and more efficient.