ASIC touts new AFSL portal as ‘more efficient’

ASIC has officially launched its new digital portal for businesses submitting Australian Financial Services Licence (AFSL) applications, offering a more “efficient, modern and user-friendly” experience.

From 5 May 2025, individuals looking to operate a financial services business can now apply for a licence through the corporate regulator’s new digital portal.

The tool is integrated into the ASIC Regulatory Portal and is designed to provide a more “efficient, modern and user-friendly” experience for AFSL applicants, ASIC stated, streamlining the way licensees submit applications.

“While the core information that ASIC is seeking from licence applicants has not changed, the interface and the method for responding to questions has been redesigned to improve the user experience,” the regulator explained.

“The key changes and benefits for applicants include the automatic pre-filling of application details, eliminating the need to separately upload additional documentation and the ability to select financial products and services at a more granular level so that ASIC can better understand the financial services that applicants intend to provide.”

To help facilitate the transition, the existing eLicensing system will remain operational until the transactions are available in the new portal. This means AFSL applicants can choose to lodge an application through the Regulatory Portal or the eLicensing system until then.

ASIC first flagged that it was piloting a new portal to improve the process of applying for, varying, or cancelling an AFSL in August 2024. Later in March this year, it said the initiative would ease the process of applying for a licence as it aims to reduce processing times and improve the overall user experience for AFS licensees and applicants.

“This is part of the wider digital transformation we are making towards becoming a more efficient and data-informed regulator,” it stated in March.

ASIC said the portal launch marks a key milestone in its RegistryConnect program, as it looks to improve its business and professional registers.

“The AFS licences project is a part of our RegistryConnect program to uplift ASIC’s business and professional registers, and the wider digital transformation ASIC is making towards becoming a more efficient and data-informed regulator.”

Last month, the regulator also released a consultation paper on its plan to publish two dashboards containing reportable situations and internal dispute resolution regime data in the second half of 2025.

This would see firm-level data go public, ASIC stated, including businesses’ names and AFSL numbers, in hopes that advice licensees will “lift their game”.