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The Australian Securities and Investments Commission (ASIC) is testing a new online application portal for firms seeking to obtain an Australian Financial Services (AFS) licence.
In August, ASIC announced that the invitation-only pilot had already been in operation for several weeks.
The regulator intends to launch the new AFLS Portal for all applicants in early 2025, and noted that the portal will allow firms to vary or cancel an AFS licence.
“The modernisation simplifies the experience of AFS licence applicants and is more streamlined and user-friendly,” said ASIC.
“It provides a user-friendly and streamlined experience by pre-filling information already known to ASIC, and only presenting questions relevant to each applicant’s application.”
During the pilot phase, all other AFS licence applicants will continue using the existing eLicensing portal to apply for, maintain and vary their licences.
Feedback and improvement
ASIC said it is using the pilot as an opportunity to take on board feedback and make improvements to the application process and transaction flows before the full launch of the portal.
“The AFS licence project is a part of the wider digital transformation ASIC is making towards becoming a more efficient and data-informed regulator,” it said.
“ASIC’s objective is to provide a single digital front door, which offers a convenient and intuitive entry point for all stakeholders, including regulated entities and consumers in their digital interactions with ASIC.”
The regulator added that it will continue to explore new services designed to increase regulatory compliance and reduce harm.
The criteria for obtaining an AFS licence will not change, only the application process.
Applicants will be required to demonstrate that they are competent to carry out the kind of financial services specified in the application.
They must show proof of sufficient financial resources to carry on the proposed business, and must meet other standards such as staff training and experience, compliance procedures, insurance and dispute resolution.
