ASIC’s new AFSL portal to launch in May
ASIC is launching a new portal for Australian Financial Services Licensees (AFSLs) in May to ease the process of applying for a licence.
The digital AFS licence portal will include the ability to apply for, maintain and vary AFSLs, and all licensees and applicants will transition to the portal.
The corporate regulator said: “The new portal will enhance the digital application process, making it more efficient, secure and user-friendly. By transitioning to this new digital platform, we aim 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.”
AFSLs are needed if an individual provides financial product advice, deals in a financial product, operates a registered scheme, or provides a superannuation trustee service, among others. An AFSL is needed from the first day a financial services business begins to operate.
Applications consider whether an individual is competent to carry on a financial services business, has sufficient financial resources to do so, and can meet the obligations of being a licensee, such as training, compliance and insurance.
May’s launch follows the trial of a pilot program, which was launched on 12 August 2024 and allowed ASIC to test its functionality and user experience. The new system streamlines the application process by pre-filing information already known to ASIC and only present questions which are relevant to the application.
There have been five licences issued under the pilot program for L2 Financial, Links Licensee Services, AIP FS Pty, EKA Wealth Pty, and Reva Wealth Pty.
Applicants and AFSLs should continue to use the existing portal for making changes to the licences until the new system formally launches.
The regulator will also introduce multi-factor authentication (MFA) in April, slightly behind the original target date of mid-March, for users logging into the ASIC regulatory portal. Users will be able to choose between the current email-based MFA or authenticate via an app for enhanced security.
“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 concluded.
AUTHOR
Laura Dew
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