25 May 2018

Q&As - How to apply to become a BSB entity

How do I apply to be a BSB authorised entity?

The authorisation application process is available through the Entity Authorisation Application Portal on our website.  When you decide to apply, visit this portal and follow the on-screen instructions to register.For the moment it is only possible to apply to be an authorised body.  When we are permitted to do so, we will extend this to include licensed bodies, ie ABSs. 

The application process is divided into separate but inter-linked parts, each of which looks for different information to allow us to assess the suitability of your application for authorisation as a BSB entity.  You must complete the Entity Members section as well as Parts A to D.  Part E will only apply if you are also applying to conduct litigation as part of your application.

What kind of information will I need to provide to the BSB?

The application and authorisation rules in the Handbook set out the general criteria that BSB entities will need to meet in order to be authorised by us.  You should also read our Entity Regulation Policy Statement which describes the factors and information we assess to help us decide whether an entity is suitable and appropriate to be regulated by the BSB.

At a high level, all applications will need to show us that:

  • The entity meets the mandatory requirements for authorisation as set out in Part 3, Section E.1 of our Handbook; and
  • It is appropriate to be regulated by the BSB with reference to our entity regulation policy statement; and
  • The management, control and compliance structures and processes are sufficiently robust for the entity being proposed; and
  • Key individuals are suitable to act in their role(s).  These roles are Owners, Managers, Head of Legal Practice ("HOLP") and Head of Finance and Administration ("HOFA"), all of which are defined in our Handbook.  All BSB entities must nominate an individual to act as its HOLP and HOFA.

How long does the application process take?

We must issue a decision about your application within six months of receiving your completed form and the applicable fee.  We can extend this to nine months in certain cases. 

To ensure the efficiency of the application process, we encourage you to be as comprehensive with your responses as possible.  If we do not receive the information we need, we may ask you to provide further information.  This could delay your application because, to be fair to all applicants, we operate a strict first-come-first-served policy with regard to processing applications.

What happens when an application is approved?

We will contact you to let you know when your application has been approved.  Before you can start practising as a BSB regulated entity, you must do two things:

  1. Provide us with evidence of appropriate insurance; and
  2. Pay the relevant authorisation fee to the BSB.