When the Australian Securities and Investments Commission completed the first stage of licensing under the National Consumer Credit Protection regime, it received 14,000 registrations from lenders, brokers and other credit providers. This was by June 30 last year.Yesterday ASIC reported that at completion of the licensing process, on June 30 this year, it had issued 6081 licences.As industry participants have became aware of their obligations under the national consumer credit law, the majority have opted for credit representative status, operating under the supervision of a licensee. ASIC said there were more than 24,000 credit representatives in the system.Some in the industry have seen this as evidence that many brokers and other industry participants are not prepared to take on the responsibility of training, compliance and membership of dispute resolution services and all the other responsibilities required under the new regime.One industry spokesman said a large number of brokers still saw themselves as order-takers for lenders.But yesterday ASIC was taking a positive view. ASIC's senior executive leader, deposit takers, credit and insurers, Greg Kirk, said the regulator was satisfied that the licensing process was leading to better systems, training and compliance in the industry, and better outcomes for customers.Kirk said: "There has been a significant filtering process."ASIC reported that it formally refused four licence applications and imposed additional compliance conditions on 11 others. It declined 400 applications that were incomplete or inadequate and 637 applicants withdrew their applications before finalisation.Since July 1, 2010, ASIC has received 2500 complaints in relation to credit matters. Kirk said this was consistent with the level of complaints received by state regulators under the old regime. It has commenced 105 investigations, permanently banned three individuals from engaging in credit activities, cancelled or suspended five credit registrations and issued one infringement notice.