ASIC struggles with financial licenses

The Auditor General has found that ASIC is struggling to cope with the new Financial Services Reform Act, issuing only 4,135 licenses in the first year of the new regime when it expected to issue between 6,000 and 8,000. ASIC cut corners by not detailing reasons why it accepted or rejected applications and was also criticised for performing only very limited surveillance on financial service providers.

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