ASIC today has released its annual licensing report today. Report 772 Licensing and professional registration activities: 2023 update (REP 772) outlines ASIC’s licensing and professional registration activities, discusses new and proposed changes to processes, and notes other ASIC work that affects licensees.

ASIC’s Chief Executive Officer, Warren Day said, ‘Our report highlights the important gatekeeping role served by ASIC’s Licensing function. It ensures applicants seeking an Australian financial services licence, credit licence or professional registration meet the high standards required to provide these regulated services.’

Between July 2022 and June 2023, ASIC:

received 1,272 Australian financial services (AFS) licence and Australian credit licence (credit licence) applications;
finalised 1,464 AFS and credit licence applications;
granted 332 new AFS licences and 149 new credit licences;
approved 867 AFS and credit licence variation applications from existing licensees; and
approved the registration of 118 company auditors, 44 SMSF auditors and supported the approval of 29 liquidators.
In the same period, 401 licence applications were withdrawn or rejected for lodgement, 515 licences were cancelled and 26 licences were suspended. In addition, 51 professional registration applications were withdrawn and 4 were refused.

Mr Day said, ‘We are continuing to make a number of improvements to ASIC’s Licensing processes and systems. These include increased engagement with stakeholders during the application process, ongoing work to develop a new licensing portal and streamlining our workflow systems to make it easier for stakeholders to interact with ASIC.’