ASIC to launch new portal for Australian financial services licensees
The Australian Securities and Investments Commission (ASIC) is set to launch a significant upgrade to its services for Australian Financial Services (AFS) licensees with the introduction of a brand-new digital portal on May 5, 2025. This initiative forms a key component of ASIC’s broader digital transformation strategy, aimed at modernizing its systems and enhancing engagement with stakeholders.
While the fundamental requirements for obtaining and maintaining an AFS license, including the eligibility criteria and the core information needed, will remain consistent, the new portal promises a vastly improved user experience. The current processes for application, variation, and cancellation of AFS licenses can often be complex and time-consuming. The modern design of this digital platform directly addresses these points by introducing features designed to streamline each stage.
One of the key enhancements of the new portal is the intelligent pre-filling of information. This functionality will reduce the burden on applicants and licensees by automatically populating relevant fields, minimizing the need for repetitive data entry and the potential for errors. Furthermore, the portal is designed to collect essential details upfront in a clear and intuitive manner, guiding users through the necessary steps and ensuring that all required information is provided from the outset. This proactive approach is expected to significantly streamline the processing times for license-related activities.
ASIC recognises the importance of providing adequate support during this transition. To ensure a smooth adoption of the new system, the regulator will be releasing updated regulatory guides and comprehensive support resources. These materials will offer step-by-step guidance on navigating the new portal, understanding its features, and completing various tasks. Licensees will have access to readily available information to address their queries and ensure a seamless transition to the digital platform.
The launch of this new digital portal underscores ASIC’s commitment to fostering a more efficient and user-friendly regulatory environment for AFS licensees. The transition to this digital platform represents a positive step forward in ASIC’s ongoing efforts to enhance its services and adapt to the evolving needs of the financial services industry in Australia. Licensees are encouraged to familiarise themselves with the upcoming changes and utilize the provided support resources to maximize the benefits of this new system. Read more here.
Policies affected: Regulatory Lodgment Policy/Compliance Calendar
Organisations affected: AFSL holders
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