ASIC service charter results: 2017-18

The ASIC Service Charter covers the most common interactions between ASIC and our stakeholders and sets performance targets for these. The table below sets out our performance against the key measures outlined in the Service Charter for the 2017–18 financial year.   Read the ASIC service charter

ASIC Service Charter performance, 2017–18

When you contact us

Service

Measure

Target

Result

General telephone queries

We aim to answer telephone queries on the spot

80%

92.8%

General email queries

We aim to reply to email queries within 3 business days

90%

92.1%

When you access our registers

Service

Measure

Target

Result

Searching company, business name or other data online

We aim to ensure our online search service is available between 8.30 am and 7.00 pm AEST Monday to Friday, excluding public holidays

99.5%

99.6%

Lodging company, business name or other data online

We aim to ensure you can lodge registration forms and other information online between 8.30 am and 7.00 pm AEST Monday to Friday, excluding public holidays

99.5%

99.8%

When you do business with us

Service

Measure

Target

Result

Registering a company or business name online

We aim to register the company or business name within 1 business day of receiving a complete application

90%

99.2%

Registering a company via paper application

We aim to register the company within 2 business days of receiving a complete application

90%

98.6%

Registering a business name via paper application

For paper applications lodged by mail – complete applications for business name registrations within 7 business days

90%

100%

Updating company, business name or other ASIC register information online

For applications lodged online – enter critical information and status changes to company or business name registers within 1 business day

90%

99.2%

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

For paper applications lodged by mail – enter critical information and status changes to company or business name registers within 5 business days

90%

94.0%

Registering as an auditor

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

80%

62% 1

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

100%

100%

Applying for or varying an AFS licence 2

We aim to decide whether to grant or vary an AFS licence within 150 days

70%

Granted: 74%

Varied: 75%

We aim to decide whether to grant or vary an AFS licence within 240 days

90%

Granted: 3 88%

Varied: 4 86%

Applying for or varying a credit licence

We aim to decide whether to grant or vary a credit licence within 150 days

70%

Granted: 87%

Varied: 90%

We aim to decide whether to grant or vary a credit licence within 240 days

90%

Granted: 93%

Varied: 94%

Applying for relief

We aim to give an in–principle decision within 28 days of receiving all necessary information and fees for applications for relief from the Corporations Act that do not raise new issues

70%

71%

We aim to give an in–principle decision within 90 days of receiving all necessary information and fees for applications for relief from the Corporations Act that do not raise new issues 5

90%

87%

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

70%

72%

When you have complaints about us

Service

Measure

Target

Result

About ASIC officers, services or actions

We aim to acknowledge receipt of complaints within 3 working days of receipt. We aim to resolve a complaint within 28 days

70%

Resolved within 28 days: 96%

Notes to table:

  1. Applications beyond the 28-day target are generally complex ones, requiring, for example, additional policy work or legal review.
  2. The Service Charter standards for AFS licences and credit licences was updated in November 2017 to reflect the fact that we are now targeting the making of decisions on applications within 150 days of receipt of a complete application in 70% of cases and 240 days in 90% of cases.
  3. The decrease in applications finalised in 2017–18 is mainly a follow-on effect from the large number of limited AFS licence applications received at the end of 2015–16 which remained on hand at the start of 2016–17 and were finalised in that year. There was no similar pool of applications on hand at the start of 2017–18.
  4. See footnote above.
  5. 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