ASIC has released a guidance paper for holders of pre-FSR licences and insurance broker registrations that sets out the basic assessment processes. The processes are the ones that will be used to determine whether an applicant is able to streamline a particular activity.

It contains a “ready reckoner” that describes some common categories of pre-FSR licences and insurance broker registrations, as well as anticipated AFS licence authorisations for some of the categories. It also provides examples of pre-FSR licence variations that ASIC is still able to allow.

Ian Johnston, ASIC’s Executive Director for Financial Services Regulation, said the guide enables financial service providers to prepare their applications in compliance with their new FSRA obligations. “It is important that providers read this paper to understand our approach to implementation of the FSR legislation as incorrect applications cannot be amended by us and so must be returned.”

Copies of the new guidance paper are available on the ASIC website www.asic.gov.au.