ASIC to cut red tape with web service

by Adam Smith25 Oct 2011

ASIC is conducting focus groups to finalise the look and feel of an overhaul to its online AFSL and credit license registration service.

The regulator has invited select AFSL and ACL holders to participate in groups to provide feedback on a redesign to its online lodgement services.

Rosanne Bell, ASIC’s acting senior executive for real economy, told Australian BrokerNews early feedback on the service’s redesign had been positive, and industry stakeholders had met in Sydney to see early drafts of the online redesign and offer opinions on areas for improvement.

“We had about 26 financial services and credit licensees attending. They all understood the screens they saw were in the very early stages, but there was a fairly positive response to the general look and feel and nature of what we're trying to achieve. Of course they had lots of comments of where we can improve the design, and those are all things we'll take onboard,” Bell said.

Changes to the current online lodgement service will include a new look and feel, new branding and an online credit card facility for licensees to pay fees online. Bell said while the licensing process would remain fundamentally unchanged for AFSL and ACL holders, the new online service would streamline the process and provide more user support.

“In terms of services, we're not looking to substantially re-engineer the fundamentals of the licensing process. It's all about modernising the registers, and cutting red tape and the cost of compliance,” Bell commented. “We want to focus on providing outstanding and efficient customer services, and in bringing all transactions online.”

ASIC stated that it intends to launch the service by November 2012, allowing AFSL and credit licensees to register directly online through ASIC and in most cases receive immediate confirmation of their registration. The regulator said the initiative would also streamline and “dramatically improve” the way stakeholders updated their details and interacted with ASIC. Bell said ASIC would continue to seek industry feedback in the lead-up to the service’s launch.

“I think it's important we go out and show stakeholders before finalising the design and build,” she remarked.