ASIC has officially launched its “eLicensing” system as part of the implementation of the FSR Act. ASIC Deputy Chair Jillian Segal said eLicensing is a fast and efficient method for intermediaries to use in applying for an Australian Financial Services licence.

The new system is expected to assist in reducing the amount of errors and speed up processing by eliminating the need to re-enter information. The whole point of the system is to tailor each AFS licence application to the needs of each applicant. 

But although the system is up and running it should be noted that applications cannot be lodged until fee regulations are finalised in the next few days. 

More information can be obtained via the ASIC website or through ASIC’s information line on 1300 300 630.