ob体育 has today released its annual licensing report. Report 738 Licensing and professional registration activities: 2022 update (REP 738) outlines ob体育鈥檚 licensing and professional registration activities, discusses new and proposed changes to our licensing processes, and notes other work that affects licensees.
Between July 2021 and June 2022 ob体育:
- received 1,469 Australian financial services (AFS) and Australian credit licence (licences) applications;
- finalised 1,859 licence applications (35% more than last year);
- approved 578 new licences (26% more than last year);
- approved 867 licence variation applications from existing licensees (61% more than last year); and
- approved the registration of 89 company auditors, 40 SMSF auditors and note that the liquidator registration committee approved the registration of 21 liquidators.
In the same period 416 licence applications were withdrawn or rejected for lodgement, 558 licences were cancelled and 12 licences were suspended. In addition, 21 professional registration applications were withdrawn and 11 were refused.
Regulatory reforms related to insurance claims handling and settling services, debt management and corporate collective investment vehicles (CCIVs) impacted ob体育鈥檚 licensing activities and regulatory guidance in the period covered by the report.
ob体育 Commissioner Danielle Press said, 鈥楾he report outlines our important licence assessment work and gatekeeping role to maintain high standards in the financial services and credit industries. Our gatekeeping role is highlighted by our assessment of debt management firm licence applications. Fourteen debt management firm applicants withdrew their applications following questions and concerns raised by ob体育 during assessment. This was at a rate nearly three times higher than a typical credit licensing application.鈥�
Since releasing our last licensing update, the Financial Regulator Assessment Authority (FRAA) has completed its first review of ob体育, which included an assessment of ob体育鈥檚 licensing function. FRAA鈥檚 overall assessment is that ob体育鈥檚 licensing function is broadly effective, and the licensing team is capable, although somewhat constrained by limited resourcing and technology.
In response to the recommendations, Commissioner Press added, 鈥榃e are implementing changes to update our licensing portal to make it easier and more efficient for applicants to apply for a licence. We are also making changes to how we interact with licensees to enhance our engagement with and responsiveness to applicants.鈥�
Licensing Liaison Events
Register for ob体育鈥檚 Licensing Liaison Events to be held in Melbourne and Sydney. These events will be held in person:
- Melbourne 鈥� 11 October
- Sydney 鈥� 13 October
Download
Report 738 Licensing and professional registration activities: 2022 update聽(REP 738)
Background
ob体育鈥檚 licensing report is released annually to increase transparency and provide guidance to licensees, professional auditor registrants and prospective applicants about ob体育鈥檚 licensing and professional registration decision making. The report outlines factors ob体育 considers when reviewing an application, why certain information is required, and factors that may increase the time taken to assess an application.