ASIC is reminding Australian Financial Services Licensees and Australian Credit Licensees seeking to avoid or reduce industry funding levies for the 2020-21 financial year that they must lodge completed applications to either cancel or vary their licence as soon as practicable prior to 30 June 2020.
The number of variation and cancellation applications ASIC will be able to finalise before 1 July 2020 is unknown and will depend on a range of factors. The factors will include:
- overall application volumes;
- the completeness of applications; and
- whether ASIC has any outstanding regulatory concerns with the applications.
If ASIC is unable to finalise their assessment of an application before 1 July 2020, licensees will be charged the applicable industry funding levy for the 2020-21 financial year.
If you have any concerns about how this could affect you or require any assistance cancelling or varying your licence please contact us for further information.