ASIC service charter results: 2016-17

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.
Download the ASIC service charter

Service charter results

Below are our performance results for the 2016-17 financial year:

When you contact us

ServiceService charter target2016-17
General phone queries

We aim to answer telephone queries on the spot (target: 80%)

91.1% of calls answered on the spot

General email queries

We aim to reply to email queries [1] within three business days (target: 90%)

95.7% replied to in three business days

When you access our registers

ServiceService charter target2016-17
Searching company, business name or other data online

We aim to ensure our online search service is available in standard business hours (target: 99.5%)

99.6% available in standard business hours

Lodging company, business name or other data online

We aim to ensure you can lodge registration forms and other information online in standard business hours (target: 99.5%)

99.4% lodged in standard business hours

When you do business with us

ServiceService charter target2016-17

Registering a company or business name online

We aim to register the company or business name within one business day of receiving a complete application (target: 90%) [2]

97.3% registered within one business day

Registering a company via paper application

We aim to register the company within two business days of receiving a complete application (target: 90%)

98.7% registered within two business days

Registering a business name via paper application

We aim to register the business name within seven business days of receiving a complete application (target: 90%)

100.0% registered within seven business days

Updating company, business name or other ASIC register information online

We aim to enter critical information and status changes to the company and business name registers within one business day (target: 90%)

98.0% updated within one business day

Updating company, business name or other ASIC register information via paper application

We aim to enter critical information and status changes to company and business name registers within five business days (target: 90%)

93.6% updated within five business days

Registering as an auditor

We aim to decide whether to register an auditor within 28 days of receiving a complete application (target: 80%)[3]

67% registered within 28 days[4]
Registering as a liquidator

We aim to decide whether to register a liquidator or official liquidator within 28 days (target: 80%) [4]

89% of liquidator applications decided within 28 days. 94% of official liquidator applications decided within 28 days

Registering a managed investment scheme

By law we must register a managed investment scheme within 14 days of receiving a complete application, except in certain circumstances (target: 100%)

100% registered within 14 days
Applying for or varying an AFS licence

We aim to decide whether to grant or vary an AFS licence within 35 days (target: 70%) and within 120 days (target: 90%) [5]

21% of licences granted within 60 days.[6] 51% of licence variations decided in 60 days. 38% of licences granted within 120 days. [6] 73% of licence variations decided in 120 days

Applying for or varying an Australian credit licence

We aim to decide whether to grant or vary a credit licence within 35 days (target: 70%) and within 120 days (target: 90%)[5]

77% of licences granted within 60 days. 82% of licence variations decided in 60 days. 91% of licences granted within 120 days. 90% of licence variations decided in 120 days

Applying for relief

If you lodge an application for relief from the Corporations Act that does not raise new policy issues, we aim to give an in-principle decision within 28 days of receiving all necessary information and fees (target: 74%) and within 90 days (target: 90%) [7]

77% of in-principle decisions made within 28 days. 95% of in‑principle decisions made within 90 days

Complaints about 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%)

70% finalised within 28 days

When you contact us

ServiceService charter target2016-17

About ASIC officers, services or actions

We aim to acknowledge receipt of complaints within three working days of receipt. We aim to resolve a complaint within 28 days (target 70%)

96%resolved within 28 days

Notes to table:

Note 1. Email queries lodged via the ‘Ask us a question’ webmail facility on ASIC’s website.

Note 2. Includes all applications received, regardless of whether applications approved or a company registered.

Note 3. Applications beyond the 28-day target are generally complex ones, requiring, for example, additional policy work or legal review.

 Note 4. Performance against this measure was impacted by ASIC’s resourcing and an increase in licence applications as a result of the expiry in June 2016 of the transition period for accountants’ limited licences.

 Note 5. Applications beyond the 60-day target are generally complex ones, requiring considerable additional work, although a greater regulatory focus on problematic applications has affected this.

Note 6. Performance against this measure was impacted by ASIC’s resourcing and a greater focus on regulatory concerns in assessing applications. In 2016–17, our performance was also impacted by the increase in licence applications we received following the expiry in June 2016 of the transition period for accountants’ limited licences (as noted in ASIC’s 2015–16 Annual Report). We continue to review our Service Charter in terms of sustainable target levels with current resources.

Note 7. This result includes applications where we did not initially receive all the information we needed to make a decision.

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