The corporate regulator says it has made “significant strides” easing red tape in financial services and it is now moving to the next phase of its simplification program.

Changes over the past several months include the introduction of e-lodgement for high-volume forms and simplified legislative instruments. The Australian Securities and Investments Commission also says it has addressed concerns around reporting and data collection requirements.

“We received feedback that individuals and businesses are concerned about reporting and data collection burden,” ASIC says in an update.

“To address these concerns, we have improved engagement and consultation with industry before issuing data requests or notices during thematic surveillance, ensuring early discussion to reduce burden and improve data quality.

“We are also considering some specific reforms related to this feedback.”

ASIC’s regulatory simplification progress report says there is a “strong pipeline” of initiatives to address feedback received during consultation last September.

Working with the Australian Prudential Regulation Authority and other watchdogs to reduce duplication and simplify data requests is one focus area.

“We have listened to feedback through our extensive engagement with the regulated community and will continue to explore opportunities to remove barriers within our control,” ASIC chair Joe Longo said. “Our efforts will focus on striking the right balance to ensure we maintain the strong protections that make Australia an attractive place to invest and do business.”