The Australian Securities and Investments Commission (ASIC) has published its third report on licensing activity.

The report provides an overview of ASIC’s decisions in relation to Australian financial services (AFS) licence applications, credit licence applications, liquidator registration applications, company auditor, and approved SMSF auditor registration applications.

ASIC Deputy Chairman Peter Kell says providing greater public information about the commission’s regulatory activities ensures that a “robust compliance culture” is in place when businesses set up or vary their licence.

Maintaining high standards is important, Mr Kell says, “given the significant impact a licence-holder may have on a consumer’s financial wellbeing”.

During the reporting period ASIC assessed approximately 1900 applications, with 35% relating to a new licence application, 47% relating to variations to existing licence and 18% related to professional registrations. Almost half (47%) of the applications were for an AFS licence.

Nine AFS licences were suspended, 98 AFS licences were cancelled and 192 credit licences were cancelled.

Click here to download the report.