Licensees who fail to do so by Friday, 30 November will be in breach of their licence conditions and will face fees for late notification, ASIC said in a statement.
It said 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,” ASIC said.
“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.”
Why does AFCA not inform ASIC?
Spot on. What a waste of time. Paying levies to both ASIC and AFCA and they make me, the small business owner do their work.
because you need to pay your compliance guy