ASIC service charter results: 2010-11

The ASIC service charter sets out the most common interactions we have with you and how quickly you can expect us to respond to your phone calls, complaints, requests or applications.

We will continue to report on our service charter results each year.

Service charter results

Below are our performance results for the 2010-11 and 2009-10 financial years:

Service

Service charter target

2010-11 performance
(1 July 10 - 30 June 11)

2009-10 performance
(1 July 09 - 30 June 10)

General phone queries

We aim to answer telephone queries on the spot

91% of calls answered on the spot (578,084 of 632,379 calls)

9% (54,295 calls) referred to specialist staff

92% of calls answered on the spot (597,382 of 646,770)

8% (49,388 calls) referred to specialist staff

General email queries

We aim to reply within 2 business days to queries sent to www.asic.gov.au/question.

96% replied to within 2 business days (45,168 of 47,264 email queries)

98% replied to within 2 business days (62,518 of 63,827 email queries)

General correspondence about our public database and registers, including fee waivers

We aim to provide a full response to 90% of general correspondence within 28 days

95% replied to within 28 days (36,338 of 38,331 pieces of correspondence)

93% replied to within 28 days (43,093 of 46,390 pieces of correspondence)

Registering a company

We aim to complete company incorporations within 1 business day

98% of all registrations completed within 1 business day (167,962 of 170,763 incorporations)1

98% of paper registrations completed within 1 business day (19,501 of 19,987 forms)

98% of electronic registrations completed within 1 business day (148,461 of 150,776 forms)

99% completed in 1 business day (162,832 of 165,130 incorporations)

98% of paper forms completed in 1 day (21,281 of 21,813 forms)

99% of electronic forms completed in 1 day (141,562 of 143,317 forms)

Updating company information and status

We aim to enter critical changes to company information in the corporate register within 2 business days

98% of all updates entered within 2 business days (1,082,846 of 1,107,095 changes)

91% of paper updates entered within 2 business days (180,247 of 198,653 paper forms)

99% of electronic updates entered within 2 business days (902,599 of 908,442 electronic forms)

97% entered within 2 business days (1,101,309 of 1,133,617 changes)

88% of paper forms entered within 2 business days (200,156 of 227,217 paper forms)

99% of electronic forms entered within 2 business days (901,531 of 906,400 electronic forms)

Registering as an auditor

We aim to decide whether to register a person as an auditor within 28 days of receiving a complete application

91% of auditor applications decided within 28 days (71 individual applications and 19 authorised audit companies)

100%registered within 28 days (84 individual applications and 23 authorised audit companies)

Registering as a liquidator

We aim to decide whether to register a liquidator or official liquidator within 28 days of receiving a complete application

91% of liquidator applications decided within 28 days (31 of 34 applications)

100% for official liquidators (33 of 33 applications)

83% of liquidator applications decided wtihin 28 days (25 of 30 applications)

90% for official liquidators (27 of 30 applications)

Applying for or varying an AFS licence

We aim to decide whether to grant or vary an AFS licence within 28 days (target: 70%)2 of receiving a complete application

83% of licence applications decided within 28 days (355 of 427 applications)

88% of licence variations decided in 28 days (1,368 of 1,557 applications)

77% of new licences decided in 28 days (348 of 454 applications)

83% of licence variations decided within 28 days (807 of 968 applications)

Registering a managed investment scheme

By law, ASIC must register a managed investment scheme within 14 days of receiving a complete application

100% registered in 14 days (239 of 240 applications)

100%registered within 14 days (244 of 245 applications)

Applying for or varying a credit licence

ASIC aims to decide whether to grant or vary a credit licence within 28 days (target: 70%)3

70.5% of all licence applications decided within 28 days

94% of licence variations decided in 28 days

NA (first year was 2010-11)

Applying for relief

If parties lodge an application for relief from the Corporations Act that does not raise new policy issues, ASIC aims to give an in-principle decision within 21 days of receiving all necessary information and fees (target: 70%)

75% of in-principle decisions made within 21 days 1,958 of 2,623 applications)

74% of in-principle decisions made within 21 days (2,520 of 3,407 applications)

Reports of misconduct by a company or individual

If someone reports alleged misconduct by a company or an individual, ASIC aims to respond within 28 days of receiving all relevant information (target: 70%)4

78% of responses within 28 days (12,207 of 15,634 reports)

70% finalised within 28 days (9,321 of 13,372)

Notes to table:

1. Includes all applications received, regardless of whether applications approved or a company registered.

2. Applications beyond the 28-day target are generally complex ones, requiring, for example, additional policy work or legal review.

3. Applications beyond the 28-day target are generally complex ones, requiring, for example, additional policy work or legal review. This was a transitional licensing process in 2010-11 as the antional consumer credit regime took full effect.

4. Reports beyond the 28-day target are generally complex ones or ones requiring considerable additional work.

Service charter results 2013-14

Service charter results 2012-13

Service charter results 2011-12

Service charter results 2009-10

Service charter results 2008-09

Service charter results 2007-08

Service charter results 2006-07

ASIC industry funding

Cost Recovery Implementation Statement 2019-20

12 June 2020

A consultation version of the Cost Recovery Implementation Statement 2019-20 (CRIS)  has been released.

Read the draft CRIS

Industry funding: what you need to know

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Last updated: 23/10/2020 01:28