The Australian Securities and Investments Commission (ASIC) isn’t sounding worried about the imminent deluge of Australian financial services licence applications heading its way. It knows they’re coming, so it’s aware but not alarmed at the low level of applications experienced so far.

The regulator put out a media statement yesterday to remind everyone that the Financial Services Reform Act clock is indeed still ticking. And there is sufficient anecdotal evidence around the industry to suggest that some smaller intermediaries still haven’t addressed the need to apply for a licence. They will need to scramble from this point.

The regulator has issued some last-minute advice on licensing preparations, including how to use e-licensing passwords and making sense of complex definitions.

Apparently some prospective licensees are confused by the complexity of the internet-based system, and ASIC has had to remind applicants that “user names and pass-phrases are case-sensitive”.

ASIC says popular questions asked by prospective licensees over the past couple of months ranged from “what is the distinction between factual information and financial product advice?” to “who is my client?” A good question, even if it indicates there’s still some confusion out there.