Thinking | 19 November 2018

AFCA membership: Notify ASIC by 30 November or face late fees

As of 1 November 2018, the Australian Financial Complaints Authority (AFCA) opened for business as the new national financial services dispute resolution scheme.

By 30 November 2018, AFSL and credit licence holders who have complied with their obligations to become members of AFCA must also notify ASIC of their new membership details with AFCA. Authorised credit representatives are also required to register with AFCA and notify ASIC of their membership details.

You can notify ASIC by logging into the relevant ASIC portal (see links below) and updating your details.

Failing to do this by 30 November will result in late fees.

Important information in completing the ASIC notification:

AFCA members that 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.

AFCA members that were former CIO members should enter the date of receipt of the AFCA membership certificate as the commencement date. The commencement date should be the same date as the effective date.

To update your details:

  • if you are an AFSL holder, click here to update your details
  • if you are a credit licence holder, click here
  • if you are a credit representative who sub-authorises other credit representatives, click here

Please contact us if you would like us to assist in updating your details, or if you have any questions.

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Harry New

Harry has represented a number of listed public companies, large private companies and government organisations. His clients include all...

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