ASIC Issued 776 AFS Licenses and 219 Credit Licences in 2020-21 - BrokersView

ASIC Issued 776 AFS Licenses and 219 Credit Licences in 2020-21

Oct 15, 2021
Fazzaco


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The Australian Securities and Investments Commission (ASIC) has released its annual report for the 2020–21 financial year, reporting its activities during the past year, including licensing.

According to the Australian regualtor, in 2020–21, it finalised 1,965 applications in relation to AFS licences and credit licences, including applications for licences, cancellations and suspensions.

The regulator approved 776 AFS licences and 219 credit licences. It cancelled or suspended 308 AFS licences and 278 credit licences, the majority of which related to licensees voluntarily applying for licence suspension or cancellation.

A total of 384 AFS licence and credit licence applications were withdrawn or refused. Applications were often withdrawn after ASIC completed its assessment and informed applicants that they were unlikely to meet the statutory requirements to obtain a new or varied licence.

In addition, ASIC refused to accept 144 applications for lodgement, often due to material deficiencies in the information provided.