ASIC to Launch New Professional Registers Search System in June

Australian Securities and Investments Commission (ASIC) will introduce its new Professional Registers Search (PRS) system in late June 2024, offering a simplified and user-friendly experience for searching professional registers. This effort advances ASIC's goal of being a digitally equipped and data-informed regulator by 2030.

The User-First Approach

The PRS was rigorously 'user-first' developed. The new system integrates different professional registries into one clear interface. Users may look for and check financial services providers, credit licensees, auditors, liquidators, and other licensing statuses in one spot. To make it easier for consumers and companies to identify licensed experts.

Feedback is essential to PRS growth. ASIC's PRS homepage survey will gather user experience data. This input will influence system enhancements to satisfy user demands.

Key Changes and Timeline

ASIC Connect key registers will be included in the PRS's initial release in late June. This includes:

• Licensees of Australian Financial Services

• Authorized AFS representatives

• Licensed credit

• Representatives of credit

• Official liquidators

• Registered corporation and approved audit business auditors

• Registered liquidators

• Managed investment schemes registered

• Authorized SMSF auditors

Note that ASIC Connect's company and business name search registries will not be impacted by this change. A second upgrade in late 2024 will make all professional registration extracts and documents available on the PRS.

Strategic Vision and Digital Transformation

PRS is central to ASIC's digital transformation plan. ASIC hopes to improve its data-driven regulation by giving stakeholders a single, accessible, and simple access point. The new system is safe, sustainable, and scalable, allowing ASIC to enhance its procedures and remain relevant in a changing regulatory environment.

ASIC pursues new technology and digital services to innovate. ASIC hopes to improve financial industry regulation and harm by adopting a digital mentality. The PRS initiative shows ASIC's proactive response to regulatory changes and difficulties to better serve consumers and regulated organizations.

Looking Ahead

The PRS is a major step toward ASIC's efficiency and effectiveness. ASIC is streamlining access to important information and creating a new benchmark for regulatory openness and user experience by merging various professional registrations into a single, user-friendly search engine.

User input and technology advances will shape the PRS's future. Continuous enhancement by ASIC guarantees that the PRS will remain an essential resource for all stakeholders, supporting the regulator's aim to promote a fair and transparent financial market in Australia.

The PRS's debut shows ASIC's commitment to using digital tools and data to improve regulatory compliance and consumer protection. This novel technique is designed to streamline and simplify ASIC's professional registration search procedure for users.

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