Brokers and advisers will no longer have to submit paper versions of documents lodged online when applying for an Australian financial services licence.

The Australian Securities and Investments Commission (ASIC) today scrapped the requirement for a paper copy of signed applications and supporting documentation, including certified copies of background checks, and will now allow them to be submitted electronically.

ASIC Commissioner Greg Tanzer says these changes will save the industry time and money.

“These updates reflect our commitment to efficient registration and licensing, essentially cutting red tape for business,” he said.

“We will also continue to review our policies and procedures to improve efficiency dividends for business where we can.”