ASIC released its annual licensing report – Report 772 Licensing and professional registration activities: 2023 update (REP 772) – on Thursday, which outlines ASIC’s licensing and professional registration activities.
The report revealed that during the financial year 2022–23, 64 SMSF auditors applied for licensing, of which 44 were registered, 18 withdrew their application, and nine had not been finalised by the end of June. According to the corporate regulator’s data, the number of SMSF auditors registered as of the end of June was 4,410, which is about 700 less than a year earlier.
ASIC chief executive officer, Warren Day, said the 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,” he said.
In addition to the SMSF auditors, ASIC also:
- Received 1,272 Australian financial services (AFS) licence and Australian credit licence (credit licence) applications
- Finalised 1,464 AFS and credit licence applications
- Granted 332 new AFS licences and 149 new credit licences
- Approved 867 AFS and credit licence variation applications from existing licensees
- Approved the registration of 118 company auditors, and supported the approval of 29 liquidators
In the same period, 401 licence applications were withdrawn or rejected for lodgment, 515 licences were cancelled, and 26 licences were suspended. In addition, 51 professional registration applications were withdrawn and 4 were refused.
“We are continuing to make several improvements to ASIC’s Licensing processes and systems,” Mr Day said.
“These include increased engagement with stakeholders during the application process, ongoing work to develop a new licensing portal and streamlining our workflow systems to make it easier for stakeholders to interact with ASIC.”
