The Australian Securities and Investments Commissions's (ASIC) whistle-stop “ASIC Speaks” tour of Australia is getting the message through: get your licence applications in by June, or risk missing out. 

FSR Licensing & Business Operations Director Pauline Vamos is leading the charge, with an urgent warning to intermediary audiences to ensure their applications are completed properly and on time. And she is cautioning the confident to be careful, because 30% of applications received so far have failed.

Ms Vamos said so far two people have lost their licences, but the standard of 50% of applications received so far has been excellent.

For those people starting a new business, Ms Vamos was even more blunt: “Don’t leave it until the last three months, because the application will not get through.”

With the first peak rush of applications expected in June, Ms Vamos said ASIC also expects to encounter large numbers of applicants in the last six months. Life and general insurance brokers and agents have been among the early successful applicants, along with financial planners, administration companies and super funds.

Rejections have occurred because applicants have either applied for the wrong licence or there is a lack of detail. Ms Vamos told licensees to provide detailed explanations of the business. “It is not enough to just put down a person’s title,” she said. “We need to know what their job is and how qualified they are to do that job.”

The “big fish” – the major companies – have been asked to indicate when they are likely to submit their applications to allow ASIC to ensure it has sufficient staff on hand.