Reminds on Financial Services Reform
All financial services providers must be licensed under the new Financial Services Reform Act by March 10 next year.
ASIC is recommending that providers lodge applications ASAP, to ensure full assistance from licensing analysts, allow time for assessment should relief not be granted, and to avoid "targeted surveillance" on late and just-in-time applicants.
ASIC has warned that in the six months immediately prior to the deadline, priority is unlikely to be given to poor quality relief applications, those from new industry participants that require full assessment, or variations to pre-FSR and AFS licences.
ASIC has already commenced verification visits on applicants to ensure documentation they referred to in applications is in place.
Licence preparation assistance is available from www.asic.gov.au/fs, email@example.com, and 1300 300 630.
Technical questions should be addressed to FSRProjectOffice@asic.gov.au.
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