While most of the financial services industry is progressing well with their Australian financial services licence (AFSL) applications, the Australian Securities and Investments Commission's FSR Licensing & Business Operations Pauline Vamos says many insurance brokers and superannuation agents are “lagging behind with their licensing progress”.

She says the regulator has had “a stream of applications” from “the big end of town” including major conglomerates and other larger key industry players, but expects many more applications to arrive in the next couple of months.

“In reality we expected some brokers and other groups to be late with their applications,” Ms Vamos told Sunrise Exchange News. “We are expecting the majority of AFSL applications from these groups to arrive in November.”

She says ASIC has received “quite a substantial number” of applications from financial advisers, with this group becoming “increasingly more dedicated” to obtaining their licences before the deadline.

The standard of applications has varied from “excellent to appallingly bad”, Ms Vamos said.

And some companies that may not have been completely accurate in their applications may run into trouble in the next few weeks. “Some companies which have lodged their applications have produced, let’s just say, surprising half-year results,” she said.