394 New Financial Institutions Approved by ASIC in 2019-2020

394 New Financial Institutions Approved by ASIC in 2019-2020

ASIC recently released an announcement that it has approved 394 new Australian Financial Services (AFS) and credit licenses for the July 2019 – June 2020 period.

The announcement was published this Wednesday after the agency updated its registration and licensing activities.

Furthermore, the Aussie watchdog received a total of 1500 licensing applications in the twelve months spanning  June and July. Out of these were 1346 AFS and credit licensing petitions.

A total number of 361 AFS/ credit licenses applicant withdrew their applications, the report detailed, while the overseer rejected 4. An additional 683 were canceled, and 40 were discontinued. ASIC further approved 58 company auditors, 12 liquidators, and 40 SMSF auditors.

Moreover, the license issuer has disclosed the integration of additional conditions applying to the approval procedure of applications. These extra measures are taken mainly for more appropriate and competent handlings of business activities.

Commenting on this the Australian watchdog had this to say, “These reforms broaden the scope of who ASIC will consider as ‘fit and proper people’ for license applications…We have new powers to refuse a license application where we have been provided false or misleading information or there is an omission of a material matter in an application, report, or statement from an applicant.
COVID-19 has also greatly impacted the industry, and ASIC has taken a cautious approach to deal with it.

Lastly, the regulator reminded users that it will remain vigilant in the ever waging war against fraud and scammers.

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