ob体育 has provided an update on its licensing and professional registration activities to assist current and prospective Australian financial services (AFS), and credit licensees understand the licensing regime.
Report 797聽Licensing and professional registration activities: 2024 update聽(REP 797) provides the latest information on registration and licence applications from the 2023-24 financial year and key changes to licensing processes.
ob体育 Commissioner Alan Kirkland said, 鈥榦b体育鈥檚 licensing and professional registration function plays a key gatekeeping role by ensuring new licensees and registered professionals meet the necessary thresholds.
鈥楾he report provides guidance to AFS and credit licensees and financial services industry professionals about ob体育鈥檚 rigorous licensing and professional registration decision-making processes.鈥�
ob体育鈥檚 licensing report also discusses current and emerging licensing issues including in relation to digital (crypto) assets, Buy Now Pay Later (BNPL) services, and payments systems.
Between July 2023 and June 2024, ob体育:
- received 1,531 licensing and registration applications
- finalised 1,246 applications for new and varied AFS and credit licences
- granted 280 new AFS licences and 143 new credit licences
- approved 495 AFS and credit licence variation applications from existing licensees
- registered 113 company auditors, 45 self-managed superannuation fund (SMSF) auditors and 17 liquidators, and
- decided on 80% of new AFS licence applications and 75% of AFS licence variation applications within 150 days.
In the same period, 239 AFS licences and 204 credit licences were cancelled or suspended. In addition, 44 professional registration applications were withdrawn and two were refused.
Commissioner Kirkland said, 鈥楾his year we are continuing to improve ob体育鈥檚 licensing processes and systems through our stakeholder and applicant engagement process.
鈥榃e鈥檙e also building a new digital portal for AFS licensees and applicants to make it easier and more efficient to apply for, maintain, and vary their licence, enabling a modern and user-friendly application process.鈥�
Downloads
Report 797聽Licensing and professional registration activities: 2024 update聽(REP 797)
Background
ob体育鈥檚 licensing report is released annually to increase transparency and provide guidance to licensees, professional auditor registrants, service providers and prospective applicants about licensing and professional registration requirements and our performance against ob体育鈥檚 service charter timeframes.
ob体育 determines AFS and credit licensing and professional registration applications on the facts and circumstances of each applicant.
ob体育 is Australia鈥檚 corporate, markets and financial services regulator.