On Wednesday, the Australian Securities and Investments Commission (ASIC) announced it had kicked off a pilot of its new digital portal for licensing, which it said includes the ability to apply for, maintain, and vary AFS licences.
“The new AFS licence portal simplifies and streamlines the digital application experience. 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,” ASIC said.
An “invitation-only” pilot involving a limited number of new AFSL applications opened on 12 August 2024.
During the pilot phase, ASIC said, all other AFS licence applicants will continue using the existing eBusiness licensee portal to apply for, maintain, and vary their licence.
“ASIC is using the pilot as an opportunity to take on board any feedback to make continuous improvements to the AFSL application process and transaction flows before we go live for all AFS licence applications, scheduled for the first quarter of 2025,” it said.
According to ASIC, it is aiming to become a “digitally enabled and data-informed regulator” by 2030, with the digital AFSL portal part of the wider digital transformation it is making towards becoming more efficient.
“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,” it said.
“ASIC is delivering secure, sustainable, and scalable systems and processes, that will enable us to better serve our stakeholders. We are a data-informed regulator and advocate for innovation across the financial sector. We are continuing to explore new services, sharing information and assets to increase regulatory compliance and reduce harm.”
In its 2024–25 corporate plan, released last week, the regulator noted that “stabilising and uplifting” the ASIC business registers would be an ongoing focus as part of its RegistryConnect program
“On 23 May 2024, responsibility for the ASIC business registers and related services returned to ASIC from the ATO. While the way members of the public engage with the register remains the same, key functions have returned to ASIC and a number of staff will move to ASIC during 2024–25,” ASIC said.
“The RegistryConnect program aims to provide a reliable, secure and trusted registry platform that supports economic growth.”
This has also led to an uplift in ASIC’s total available funding, which has increased 10 per cent from 2023–24 to $592 million for 2024–25. The figure includes a departmental operating appropriation of $580 million, an increase of 13.5 per cent.
“This increase is mostly due to measures announced in the 2024–25 budget, such as the RegistryConnect program,” ASIC said.
“ASIC’s resources are allocated to our regulatory activities as well as our enabling functions. Where possible, we aim to maintain flexibility to ensure that our priorities can adapt to changes in our regulatory environment during the year.
“Under the industry funding model, the majority of our regulatory costs are recovered from the industry sectors we regulate. In 2024–25, we estimate that we will recover $408 million in fees and levies (69.9 per cent of total appropriations received).”
“The RegistryConnect program aims to provide a reliable, secure and trusted registry platform that supports economic growth.”
Economic growth for whom?
Yet another ASIC portal! I’ve lost track of how many different ASIC portal logins and passwords I have. But no doubt ASIC will viciously persecute any adviser that fails to use the right one at the right time, and will increase adviser fees to cover the extra costs of this latest “project”.
All part of the hot mess of bad regulation that ultimately ends up making professional financial advice too complex and expensive for most consumers.