Don’t forget to notify ASIC of your AFCA membership

Members of Australia’s new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), will incur late fees if they don’t notify the Australian Securities and Investments Commission (ASIC) of their membership by 30 November 2018.

More than 35,000 firms operating across financial services, credit and superannuation have joined AFCA. And from November 1, Australian consumers and small business have had access to AFCA’s free and independent dispute resolution service to deal with complaints that aren’t resolved directly by financial firms.

In a media release earlier this month, ASIC said late fees would not apply if financial services or credit licence updated their details by 30 November.

This includes all former Financial Ombudsman Service (FOS) and Credit and Investments Ombudsman (CIO) members who have now joined AFCA. It also includes credit licensees who have authorised credit representatives who are AFCA members.

Firms can notify ASIC by updating their details on its online services for AFS licensees, credit licensees and credit licensees who sub-authorise other credit representatives.

ASIC said AFCA members who were former FOS members should enter a commencement date of 1 May 2018. The commencement date should be the same date as the effective date.

For AFCA members who were former CIO members, the commencement date will be the date they received their AFCA membership certificate. The commencement date should be the same date as the effective date. 

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