Revamped platform designed to streamline applications, variations and cancellations
The Australian Securities and Investments Commission (ASIC) will roll out a new digital portal for Australian financial services (AFS) licensing on May 5, aiming to improve how licence applications, variations and cancellations are handled.
The platform is expected to replace the current AFS Licences portal and will provide licensees and applicants with a streamlined, more intuitive online experience. While the portal’s design and usability will change, the regulatory criteria and assessment requirements for licences will remain the same.
Until the new system goes live, users may continue to access the existing portal for all licensing matters. Once operational, the updated system will offer enhanced features including pre-filled data fields, tailored question sets based on user profiles, and the ability to collect relevant information early in the process. The updates are intended to reduce processing times and make the application journey simpler for financial services professionals.
An AFS licence is mandatory for firms offering financial services in Australia. It allows holders to perform a range of activities including financial product advice, dealing in or making a market for financial products, operating registered schemes, and offering custodial, depository or superannuation trustee services, among others.
Meanwhile, ASIC’s Regulatory Guides 1 to 3, commonly known as the AFS Licensing Kit, will be updated in line with the new portal’s release to reflect the revised layout and operational flow. However, the policy content within these guides will not be modified.
ASIC will provide guidance materials on its website to help stakeholders adjust to the new interface and processes. These resources aim to support a smooth transition by explaining the new system’s features and functionalities.
The licensing portal upgrade is part of ASIC’s broader RegistryConnect program, which seeks to modernise its business and professional registers. It also supports the regulator’s larger shift towards a more data-driven and digitally integrated operation.
ASIC said its goal is to deliver “a single digital front door” that offers a seamless entry point for both regulated firms and consumers when engaging with the agency online.
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