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To provide a streamlined process for the regulator’s stakeholders, a new Professional Registers Search has been launched.
The Australian Securities and Investments Commission (ASIC) announced yesterday (28 May) that it is launching a streamlined Professional Registers Search (PRS) in late June.
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ASIC said that the new PRS would provide an intuitive experience for its users and allow stakeholders to search all professional registers databases in one search. According to the regulator, the new PRS would make it easier to check the licensing details of an individual or company.
The regulator announced that Australian financial services licensees, credit licensees, and credit representatives would be moving from ASIC’s current ASIC Connect registers to the PRS.
ASIC also said that official liquidators, registered auditors, registered liquidators, registered managed investment schemes, and approved self-managed super funds (SMSF) auditors registers would also be moving across to the PRS.
Other registers on ASIC Connect will not be affected.
The new system has been designed with a “user-first” approach, according to the regulator, and would make it easier for individuals to find the information they need by themselves.
ASIC will be collecting feedback from users via a survey tool on the web page, which will be used to support continuous improvements to the search, ASIC has said.
The regulator said that there is a second update of the PRS scheduled for late 2024 that will involve making all professional register extracts and documents available through the new search system.
ASIC said that the PRS was a “core” segment of the regulator’s digital transformation and its aim to become “an efficient data-driven regulator with a digital front door”.
The regulator also said that as a part of its strategic priorities, it would provide a single and intuitive point of contact for its stakeholders, including its regulated entities and consumers, regarding their digital interactions with ASIC.
Speaking on its technology updates, ASIC said: “We are delivering secure, sustainable and scalable systems and processes, allowing us to continually improve.
“Pursuing new technologies and ways of working will allow us to remain relevant to our stakeholders and anticipate change in a dynamic regulatory landscape.
“Our digital mindset ensures we are a data-informed regulator and advocate for innovation across the financial sector. We explore new services, sharing information and assets to increase regulatory compliance and reduce harm.”
ASIC said that it is aiming to be a data-informed and digitally enabled regulator by 2030.
The announcement comes following ASIC’s recent win in Federal Court against Cigno Australia and BSF Solutions for engaging in credit activities without a licence.
[Related: Federal Court rules in favour of ASIC against payday lenders]
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