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Compliance

Final day to notify ASIC of AFCA membership

by Annie Kane4 minute read

A final reminder has been issued to credit representatives and licensees to notify the regulator of their AFCA membership or face penalties.

Financial firms who are members of the Australian Financial Complaints Authority (AFCA) must notify ASIC of their AFCA membership details by Friday, 30 November 2018.

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According to the regulator, around 19,000 AFCA members (more than half of AFCA’s 37,000 members) are yet to notify ASIC of their membership details.

ASIC is warning that licensees who fail to report their AFCA membership by today will be in breach of their licence conditions and will face fees for late notification.

“It is essential that licensees provide updated details to ASIC,” the regulator said.

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“Financial firms have been given an extension of time to notify ASIC and we will not be extending the final notification date beyond 30 November 2018,” it warned.

ASIC reiterated that former FOS members should enter an AFCA 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 the AFCA membership certificate was received.

Again, the commencement date should be the same date as the effective date.

ASIC is urging members to report their membership via the credit licensee portal or credit representative portal.


[Related: ASIC provides last-ditch ‘relief’ for AFCA transition]

 

Final day to notify ASIC of AFCA membership
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Annie Kane

Annie Kane

AUTHOR

Annie Kane is the editor of The Adviser and Mortgage Business.

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