ASIC Grants 332 New AFS Licences in FY23

The Australian Securities and Investments Commission (ASIC) has released its annual licensing report for the financial year between July 2022 and June 2023, unveiling that it has granted 332 new Australian Financial Services (AFS) licences during this period.

The Australian financial regulator has granted 149 new Australian credit licence (credit licence) for the fiscal year.

1,272 Australian financial services (AFS) licence and credit licence applications were lodged to this watchdog.

The ASIC has approved in FY23 867 AFS and credit licence variation applications from existing licensees. It approved the registration of 118 company auditors, 44 SMSF auditors and supported the approval of 29 liquidators.

Moreover, 401 licence applications were withdrawn or rejected for lodgement, 515 licences were revoked and 26 licences were suspended. 51 professional registration applications were canclled and 4 were refused.

"Our report highlights the important gatekeeping role served by ASIC's Licensing function. It ensures applicants seeking an Australian financial services licence, credit licence or professional registration meet the high standards required to provide these regulated services," said ASIC's Chief Executive Officer, Warren Day.

Shortly before, the ASIC announced the further extension of of the date​ by which relevant providers - financial advisers who offer personal advice to retail clients on relevant financial products (including time share advisers) – must be registered.