ASIC streamlines AFSL applications

The regulator launched a new digital portal for Australian financial services licence (AFSL) applications.

From today, those wishing to gain an AFSL can use ASIC's new portal, integrated with the ASIC Regulatory Portal.

It has a new interface and method for responding to questions to improve user experience, ASIC said.

However, transactions to vary, cancel or maintain an AFSL are still in the works, so the existing eLicensing system will remain operational for now. Those applying for an AFSL can do so through the existing system or via the new portal, for which they'll need to register to access.

"The key changes and benefits for applicants include the automatic pre-filling of application details, eliminating the need to separately upload additional documentation and the ability to select financial products and services at a more granular level so that ASIC can better understand the financial services that applicants intend to provide," the regulator said.

ASIC said it will update the application guidance once all the functions are available in the new portal.