ASIC finalised over 1000 Australian Financial Service Licensee applications in the last financial year.

The regulator released ‘Report 772 Licensing and professional registration activities: 2023 update’ (REP 772) on Thursday afternoon, outlining ASIC’s licensing and professional registration activities, discusses new and proposed changes to processes, and notes other ASIC work that affects licensees.

The report found in FY23, ASIC:

  • Received 633 applications for a new AFSL;
  • Received 805 applications to vary an AFSL; and
  • Finalised 1065 AFSLs, including 332 new AFSLs.
AFSL applications available for assessment (1 July 2022 to 30 June 2023)
Received before July 2022 Received or initiated Finalised (approved) Finalised (not approved) Not finalised
New AFSL 213 420 332 138 163
Variation of AFSL 315 490 509 77 219

Source: ASIC REP 772

In the FY23, ASIC finalised:

  • 75 per cent of new AFSL applications and 66 per cent of AFSL variation applications within 150 days; and
  • 88 per cent of new AFSL applications and 83 per cent of AFSL variation applications within 240 days.