Licensees who have joined AFCA but have yet to notify ASIC must
do so prior to 30 November, or be prepared to face late fees.
As discussed in our recent
T-REX article, AFS licensees, credit licensees, and credit
representatives are now required to join the Australian Financial Complaints
Authority (AFCA). AFCA aims to
provide consumers and small businesses with a free and independent
financial services dispute resolution scheme. As of 6 November,
more than 35,000 firms have joined AFCA (
per ASIC), providing their customers with access to AFCA's
services.
Licensees must notify ASIC of their AFCA membership details by
30 November 2018. In addition, credit licensees must also ensure
that ASIC is notified of the AFCA membership for any of their
credit representatives. A failure to lodge notifications will
result in the following late fees:
