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18-358MR Firms must notify ASIC of their AFCA membership by end of November before late fees apply
Financial firms who are members of the Australian Financial Complaints Authority (AFCA) must notify ASIC of their AFCA membership by Friday 30 November 2018.
Licensees who fail to do so will be in breach of their licence conditions and will face fees for late notification.
More than half of AFCA’s 37,000 members are yet to notify ASIC of their membership details.
It is essential that licensees provide updated details to ASIC. 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.
Important information to help firms complete the notification
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 the AFCA membership certificate was received. The commencement date should be the same date as the effective date. The notification can be made as follows:
Credit representatives: https://asic.gov.au/for-finance-professionals/credit-licensees/credit-representatives/
To join AFCA, go to the AFCA website www.afca.org.au