The Australian Securities and Investments Commission (ASIC) has warned that false or misleading financial services licence applications may trigger legal action.

The regulator has identified a number of recent examples in which applicants failed to give correct responses in the statement of personal interest, which assesses whether a person is of “good fame and character”.

One nominated responsible manager seeking an Australian financial services licence did not disclose they had been involved in managing a business that faced disciplinary action.

And a credit licence application included a claim that someone had worked at a large Australian lender, when they had not.

“False information and misrepresentations, including in statements of personal interest, undermine the integrity of the licensing and registration assessment process,” the regulator says.

ASIC warns it can take further action beyond refusing to grant a licence.

“This could include commencing an investigation that may result in potential criminal proceedings.

“We will also consider what regulatory action we can take against service providers, or other agents, that we find or suspect are complicit in making false or misleading statements to ASIC.”

In the six months to June 30 ASIC assessed about 2850 applications, up 52% on the preceding six months.

Of those, 60% related to new applications, 25% to variations and 15% professional registration.

ASIC approved 41% of all applications, with 78% of these amended from the applicant’s original request. Of the total assessed, 67% related to Australian financial services licences and 18% to credit licences.

During the period nine financial services licences were suspended and 143 cancelled.

The figures do not include a breakdown by sector, but the regulator has faced a flood of late applications from accountants who face new financial services licence requirements if they provide advice on self-managed super funds. A transition period for the new rules ended on June 30.