Next to the March 11 2004 implementation date, December 10 2003 has a certain ring about it if you’re participating in the Financial Services Reform Act’s licensing process. That’s right, if you haven’t got your licence already, you’ve got until tomorrow to get your application in. After that the Australian Securities and Investments Commission (ASIC) will no longer guarantee to process your application by March 11.

ASIC is still waiting for 25% of brokers to get their applications in, but says most industry applicants are “steaming through” with their applications.

Director of Licensing & Business Operations Pauline Vamos told Sunrise Exchange News she has been very impressed with the industry’s licensing progress over the past few weeks, with most sectors managing to make the deadline. But if you’re going to miss the deadline by a day or three, ASIC doesn’t want you to rush. Just get in touch with Ms Vamos’ team.

In terms of applications so far, she says 100% of Australian banks and life insurers, 80% of credit unions, 75% of insurance brokers, 66% of financial planners and all but one building society have lodged their applications with ASIC. For general insurance companies the figure is only 52%, but Ms Vamos pointed out that many operations, like reinsurers, aren't required to apply.

“We’ve found that the majority of people have taken the December 10 deadline seriously,” she said. “We’ve been absolutely flat out receiving applications over the past few weeks.”

So is there still time for businesses that haven’t submitted applications? Ms Vamos says although there’s no guarantees licences will be granted in time, businesses in this situation need to “push the help button”.

“There are people that can help you understand all the information, and if you read all the ASIC guides, it can be done. We’re also telling people if they’re rushing like mad to submit their application before December 10, and a few more days would make a difference in the quality of the application, then hold off. We’d prefer quality.”