Looks like ASIC’s Australian Financial Services Licence applications might be a tad too complex for us mere mortals. Concerned about the high rejection level of AFSL applications for “financial advisers”, ASIC has introduced a new guidance paper to help intermediaries increase their chances of being accepted.

“This guide is designed to assist financial advisers and simplify their application process, in order to reduce the number of incorrect applications currently being submitted,” says Pauline Vamos, ASIC’s Director for FSR Licensing and Business Operations.

 “We are concerned about the high rejection level for applications at pre-lodgement assessment,” she said. “If the authorisations and process selected are correct and supporting documents are lodged on time, applicants should have their application accepted first time.”

Copies of the new guidance paper are available on the financial services page on the ASIC website (www.asic.gov.au), by emailing ASIC’s Infoline on infoline@asic.gov.au or by calling 1300 300 630.