ASIC is launching a new digital portal for licensing on 5 May 2025 to apply for, vary and cancel an Australian financial services (AFS) licence, marking a significant step in its digital transformation.
The AFS licence portal will provide AFS licensees and applicants with a modern, more efficient, and user-friendly experience in applying for, maintaining, varying, and cancelling licences.
What's changing and when?
Until the new portal is live on 5 May, applicants and current AFS license holders may continue to use the existing AFS Licenses portal for applying, maintaining, and varying their licences.
The new portal does not change the AFS licence eligibility criteria, or the information required by ASIC to assess an application.
ASIC Regulatory Guides 1 - 3 (known as the AFS Licensing Kit) will be updated when the portal is launched to reflect the design and functionality changes. The policy settings in these regulatory guides will not be changed.
What this means for AFS licensees and applicants?
Designed to streamline the licensing process, the new portal pre-fills known information, presents the relevant questions for each applicant, and collects essential information upfront.
These improvements aim to reduce assessment times and improve the overall user experience for AFS licensees and applicants.
Supporting resources will be available in the ASIC website during the launch to assist AFS licensees and applicants with the transition. These materials will provide guidance on navigating the new system and understanding the updated processes.
A milestone in ASIC's digital transformation
The AFS licence project is a part of the RegistryConnect program to stabilise and uplift ASIC's business and professional registers, and the wider digital transformation ASIC is making towards becoming a more efficient and data-informed regulator.
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.
ASIC is Australia's corporate, markets and financial services regulator.
