With only just over a month to comply, more than 900 businesses have still to submit applications for their Australian financial services licence (AFSL) to the Australian Securities and Investments Commission (ASIC).

ASIC’s Director FSR Licensing and Business Operations Pauline Vamos told Sunrise Exchange News it has issued 2780 licences ahead of the March 11 start date. But with 950 more still to come the regulator is sending “hurry up” emails to the stragglers.

These reminder emails landed Ms Vamos in hot water last week, when she sent a global “hurry-up” to all big businesses without hiding the addresses of the recipients. Some businesses argued the email was a breach of privacy and leaked it to the media.

“A few apologies had to be made, but at the end of the day the message is clear: if you want to remain in business from March 11 you have to get your act together now,” she said.

Ms Vamos says super and life agents and financial planners are likely to have the highest rate of licence no-shows. “There’s been a two-year warning for the industry, so there’s really no excuse,” she said. “The Government will not be extending the March 11 start date.”

Businesses and people caught offering financial advice without a licence after March 11 will face a fine of $22,000, two years jail or both.