ASIC released Report 825: Licensing and professional registration activities: 2025 update (REP 825) this week, which highlights new licensing application systems and processes that support simpler and better regulation and provides information on licensing and registration applications and activities from the 2024-25 financial year.
The report revealed that 52 SMSF auditors applied for registration, of which 37 were approved, seven withdrew their application and two were rejected. An additional 11 applications had not been finalised at the time of the report’s publication.
There were 197 professional registrations approved between July 2024 to June 2025 for liquidators, auditors and SMSF auditors.
The number of SMSF specialist auditors continued to decline from when records began in 2013. In that year there were 5,935, reaching a peak in 2014 with 7,073 and falling this year to 3,382.
ASIC stated that it has set a goal of approving 80 per cent of auditor applications within 28 days and is currently sitting at 74 per cent.
The report continued that ASIC took action against 48 approved SMSF auditors in 2025 due to various breaches of professional obligations, such as failing to maintain independence, non-compliance with auditing and assurance standards, non-compliance with continuing professional development requirements, failure to lodge annual statements, and/or not being a fit and proper person to remain an approved SMSF auditor.
It added that ASIC regulates the conduct of SMSF auditors and will continue to act where conduct falls short.
The report also included current and emerging licensing issues in relation to regulation of digital (crypto) assets and the various proposed reforms to the AFS licensing regime.
Alan Kirkland, ASIC commissioner, said this year’s report provides essential information to assist AFS and credit licensees, service providers and prospective licence applicants.
“Our licensing team plays an important role in assessing applications for licences and professional registration across the financial services and credit sectors,” Kirkland said.
“Applications from digital asset operators are on the rise, underscoring the growing interest in the crypto sector. Following our recent update of Information Sheet 225 confirming that a range of digital assets are financial products, we expect to see more digital asset providers apply for an AFS licence.”
The report stated that between 1 July 2024 and 30 June 2025, ASIC:
· received 1,531 licensing and registration applications
· finalised 1,176 applications for new and varied AFS and credit licences
· granted 290 new AFS licences and 104 new credit licences
· approved 450 AFS and credit licence variation applications
· registered 109 company auditors, 37 self-managed superannuation fund auditors and 27 liquidators
· decided on 77 per cent of new AFS licence applications and 76 per cent of AFS licence variation applications within 150 days, and
· cancelled or suspended 215 AFS licences and 253 credit licences.
“ASIC’s licensing team is the frontline gatekeeper for our regulated populations. We assess applications for AFS licences, credit licences, audit companies, registered company and self-managed superannuation fund (SMSF) auditors,” the report stated.
“We play an important role in improving and maintaining standards across the financial services and credit sectors. We also support the committee that assesses the registration of liquidator applications.”
It continued that it engages with applicants during the assessment process if it determines they do not meet all the requirements and in certain circumstances, where possible, will discuss alternative options with applicants.
