We frequently receive questions about ASIC’s requirements for granting or varying financial services and credit licences.

The major obstacle for new entrants and new authorisations for existing licensees is having a Responsible Manager who meets the experience and qualifications criteria as well as having appropriate policies and procedures.

Provided ASIC’s requirements are met (see here and here), how long does it take for the application to be assessed?

According to ASIC’s Service Charter, ASIC aims to decide whether to grant or vary an Australian financial services (AFS) licence or an Australian credit licence within 60 days of receiving a complete application (target: 70%). Further, it aims to decide 90% of complete applications within 120 days.

Applications will take longer to assess if they raise complex or new policy issues, or if ASIC does not receive all the information it needs.