ASIC has sent out a warning to Australian financial services and credit licensees to factor in application times when applying for licences.
The commission has reminded licensees who have funding obligations to factor in the time it takes ASIC to assess applications to cancel or vary their license as part of measures to reduce the industry levy licensees are charged for the 2019-20 financial year.
Licensees with authorisations which are current on July 1 2019 are liable to pay various types of industry funding levies related to the year.
ASIC commissioner Danielle Press said that ASIC had a charter to assess 70 per cent of all complete applications within 150 days of lodgement and 90 per cent within 240.
However any applications that are missing supporting documentation and information will delay the process and could take longer.
“We expect licensees to have considered ASIC’s service charter timeframes – particularly when applying to cancel or vary the conditions of their licence in light of ASIC industry funding,” she said.
Ms Press said that the time it takes is ultimately subject to the applications and concerns that may surround them.
“How many we can ultimately assess is subject to the number of applications we may receive, the completeness of the application, and whether or not ASIC has any regulatory concerns related to the application,” Ms Press said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]