The Australian Securities and Investment Commission has made it easier to apply for a financial services license.

The procedure no longer requires candidates to submit hard copies of the signed application form and supporting documents, including background credential checks, in a bid to expedite the application process.

ASIC commissioner, Greg Tanzer, said changes will save industry time and money, especially important for small businesses.

Tanzer added that ASIC will also continue to review its policies and procedures to improve efficiency dividends for business wherever it can.