While the instructions may be clear from the Australian Securities and Investments Commission (ASIC), there has been concern among brokers that there’s still plenty of fog about when it comes to the licensing application details. There have been complaints about enforced delays in lodging applications because of a lack of company resources and a slow information flow from ASIC.

ASIC has responded by setting up a project office as an alternative resource to the ASIC FAQs, guides and policy statements – all available on its website – and industry associations. Its priority is to answer questions where policy or law is uncertain, but it cannot answer questions surrounding an individual case.