Notifying ASIC of AFCA membership: Deadline 30 November 2018
19th November 2018
AFCA is open for business – licensees need to act by 30 November or late fees will apply
On 1 November, the Australian Financial Complaints Authority (AFCA) opened for business to consider complaints that, in the past, would have been handled by the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) or the Superannuation Complaints Tribunal.
Licensees now need to take action by 30 November.
AFCA members holding a financial services or credit licence must notify ASIC of their AFCA membership details by 30 November or late fees will apply. This includes all former FOS and CIO members who have now joined AFCA.
If your firm has a limited AFS Licence, it must do 2 things:
- Notify ASIC of your AFCA membership
The person at your company who manages compliance with the obligations of your AFSL will need to log in to the portal and update the firm’s details before Friday 30 November. If this is not you, then forward this to the person that does it.
AFCA members who were previously a member of FOS should enter an effective date and commencement date of 1 May 2018.
2. Update the firm’s Financial Services Guide
It will be necessary to update your firm’s Financial Services Guide (FSG) however this does not need to be done by 30 November. AccountantsIQ is currently working on updating its FSG template for clients who will receive notification about what they need to do in due course. Should you have any queries in relation to this, Contact Us.