ASIC finalised over a thousand AFSL applications in FY23

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.

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.