ob体育 today has released its annual licensing report today. Report 772 Licensing and professional registration activities: 2023 update (REP 772) outlines ob体育鈥檚 licensing and professional registration activities, discusses new and proposed changes to processes, and notes other ob体育 work that affects licensees.
ob体育鈥檚 Chief Executive Officer, Warren Day said, 鈥極ur report highlights the important gatekeeping role served by ob体育鈥檚 Licensing function. It ensures applicants seeking an Australian financial services licence, credit licence or professional registration meet the high standards required to provide these regulated services.鈥�
Between July 2022 and June 2023, ob体育:
- received 1,272 Australian financial services (AFS) licence and Australian credit licence (credit licence) applications;
- finalised 1,464 AFS and credit licence applications;
- granted 332 new AFS licences and 149 new credit licences;
- approved 867 AFS and credit licence variation applications from existing licensees; and
- approved the registration of 118 company auditors, 44 SMSF auditors and supported the approval of 29 liquidators.
In the same period, 401 licence applications were withdrawn or rejected for lodgement, 515 licences were cancelled and 26 licences were suspended. In addition, 51 professional registration applications were withdrawn and 4 were refused.
Mr Day said, 鈥榃e are continuing to make a number of improvements to ob体育鈥檚 Licensing processes and systems. These include increased engagement with stakeholders during the application process, ongoing work to develop a new licensing portal and streamlining our workflow systems to make it easier for stakeholders to interact with ob体育.'
Background
ob体育鈥檚 licensing report is released annually to increase transparency and provide guidance to licensees, professional auditor registrants and prospective applicants about ob体育鈥檚 licensing and professional registration decision making. The report outlines factors ob体育 considers when reviewing an application, why certain information is required, and factors that may increase the time taken to assess an application.
At the beginning of this period, ob体育 welcomed feedback from the Financial Regulator Assessment Authority (FRAA). The FRAA鈥檚 review looked at strategic prioritisation, planning and decision-making, surveillance and licensing, as well as ob体育鈥檚 use of data and technology in these areas. Feedback found ob体育 was effective and capable across all of these areas reviewed.
ob体育 is continuing to broaden its capability and implement regulatory efficiency initiatives based on the FRAA recommendations.