The Australian Securities and Investments Commission (ASIC) rejected 106 applications for Australian financial services licences in the six months to June 30.

The regulator received or initiated 421 applications in the period and approved 149.

It was still assessing 166 applications at June 30 and had finalised, but did not approve 106.

A further 88 licence bids were withdrawn before a formal determination. ASIC says the failure rate would have been higher had those applications reached a decision.

Among its reasons for rejection were applicants providing false information and doubts over applicants’ organisational competence.

ASIC also received or initiated 549 requests to vary financial services licences in the six months, but approved only 237.

At June 30, 102 applications were finalised but not approved, and 210 were under assessment.

ASIC rejected 45 licence-variation applications before lodgement and 52 were withdrawn during the application process.