ASIC warns all Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees that they must join the Australian Financial Complaints Authority (AFCA) now if they have not already done so.
The Minister for Financial Services set a membership deadline for joining AFCA of 21 September 2018.
This can be done via the AFCA website (www.afca.org.au)
Financial firms who do not do this will be in breach of the law.
ASIC is closely monitoring membership lists with AFCA and will be following up with firms who fail to meet this deadline.
ASIC is finalising an instrument which allows firms an extended period to notify ASIC about their AFCA membership details. Firms will be able to update their details between 1 and 30 November 2018. This does not extend the period for joining AFCA.
Financial firms must prioritise obtaining their AFCA membership.
This media release was updated on 25 September 2018 to clarify that the requirement for AFS licensees to have a compliant dispute resolution system (including membership of AFCA) applies to financial services provided to persons as retail clients, pursuant to s912A(1)(g) of the Corporations Act.