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The ASIC is launching a new portal, streamlining the licensing experience. But what does this mean for financial service providers and the industry as a whole?
DISCLAIMER: This post does not offer any financial or legal advice, either on behalf of the ASIC or otherwise, nor does this article represent ASIC. For the latest information, please contact the ASIC directly.
As of May 5th 2025, the Australian Securities and Investments Commission (ASIC) is introducing a new digital portal for financial service providers.
The portal aims to provide a more straightforward application process for Australian Financial Services (AFS) licenses. The changes will also simplify license management and cancellation. While there are no changes to eligibility or how applications are processed and approved, the improvements will lead to a quicker and more efficient portal.
CompareForexBrokers founder Justin Grossbard, who works with brokers and other financial service providers is hopeful users will benefit from the portal improvements.
“We’ve grown to expect smooth and streamlined digital portals in most areas of daily life,” he said, “so it’s important for a regulatory body like the ASIC to do the same.”
“With easy and straightforward licensing, everyone should benefit. From the financial service providers who need to apply for or manage their license, to the customers and clients who need reliable, well-regulated services.”
Changes to the ASIC’s Portal
What is changing for the ASIC’s portal, and how will these changes look?
Pre-filing Existing Data
Information already recorded for each applicant or user will be pre-filled, making inputs far easier.
While this won’t make much difference to first-time applicants, it will help those applying for additional licenses, or those needing to manage, renew, or cancel existing ones. They should find the process much more straightforward.
Streamlining Application Forms
The new forms will be more responsive, changing according to the user's specific needs. So a user applying for a new license will encounter a different set of form inputs than someone renewing or cancelling a current license.
This responsiveness will make the process less daunting and more streamlined, as users will only encounter the questions and fields that relate to them specifically.
Prioritising Pertinent Data
The most important information is collected upfront, so the license application and registration process can begin more quickly.
Aligning with RegistryConnect
The new portal is part of the ASIC’s ongoing digital transformation. It is designed to be a unified gateway, through which all users can apply for licenses and access ASIC services. The idea is to condense the available channels into one, simplifying processes for all users.
The ASIC’s New Portal – Transition Timeline
All of these changes will come into effect on May 5th 2025. Until then, the existing portal will remain available, and the ASIC will continue accepting and processing licensing applications and management requests.
After the launch, the ASIC plans to update its user guidelines, which include the AFS Licensing Kit. This approach will ensure all financial service providers are supported when using the Commission’s services.
For Justin Grossbard, the new portal will be a welcome addition to the ASIC’s user-facing set-up.
“The ASIC is nothing new,” he said. “It was formed as the Australian Securities Commission in 1991, becoming the Australian Securities and Investments Commission in 1998.”
“Over the last few decades, everyone in the financial services industry has become accustomed to its regulation and oversight. But it’s great to see it moving with the times, and this will open up more opportunities for financial service innovation”.
“All the best forex brokers in Australia, and other leading financial service providers, are already licensed with the ASIC,” Justin continued.
“But by making it easier to submit an application and manage licenses, the body is encouraging more start-ups and new service providers to enter the industry. This could spell a bright future for Australia as a financial services innovator, without compromising on consumer safety and trust.”
DISCLAIMER: This post does not contain official information or advice of any kind. Please contact the ASIC directly for information on their services.
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