ASIC moves to ease AFS deadline mayhem
TheAustralian Securities and Investments Commission(ASIC) has moved to ease pressure on it following a rush of Australian Financial Services (AFS) licence applications before next March’s Financial Services Reform deadline.
The peak regulator yesterday released updated industry-specific guidelines on the issue in a bid to ease the strain it is facing from a wave of applications.
ASIC director of financial services regulation licensing Pauline Vamos says as the transition period ends ASIC has been flooded with applications which are greatly reducing its ability to provide feedback.
“To ensure an application is correct, and to avoid rejection for wrong authorisations, ASIC recommends all applicants use the guides as a final check,” Vamos says.
The updated guides contain amendments due to regulatory changes, including new regulations and ASIC class orders, which allow more applicants to apply for their licence under the streamlining process.
The new guides affect people such as financial advisers, life and general insurance brokers, responsible entities, investor directed portfolio services operators, stockbrokers and superannuation trustees.
ASIC says the industry guide for insurance multi-agents was not updated as it is too late to apply for a 'qualified licence,' with the guide for financial advisers now being the most relevant for these agents.
Vamos says the regulator is urging applicants to use the guides in order to choose the correct authorisations and assessment process in their applications.
“The guides discuss each question in Part A of the application, and suggest likely answers that will apply. Where applicants perform multiple roles, they may need to look at more than one guide for the correct authorisations,” Vamos says.
ASIC also urged applicants to read the AFS Licensing Kit, along with the other guides and information on its website to assist in application lodgement.
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