AFCA deadline looms for AFSL holders
The corporate regulator has reminded holders of AFSLs of their membership of the new Australian Financial Complaints Authority before an impending deadline.
In a statement released by ASIC, it said members of AFCA holding an AFSL have until 30 November 2018 to notify them of their membership details.
Similarly, credit licensees must notify ASIC of details of their authorised credit representatives who are AFCA members.
ASIC said this includes all former members of the Financial Ombudsman Service and the Credit Investment Ombudsman who have now joined AFCA.
"Late fees will not apply if AFCA details are updated by 30 November," ASIC said.
"If transitioning firms update their AFCA membership details after this date late fees will apply."
AFCA officially opened on 1 November, with the government intending it to be a one-stop shop for all financial complaints, whether they are related to banks, credit providers, insurance companies or super funds.
AIOFP ‘appalled’ by ANZ shut down of adviser revenue
EXCLUSIVE Industry body the Association of Independently Owned Financial Profess...
Government reveals new financial services minister
The federal government has named a new Assistant Minister for Superannuation, Fi...
Maurice Blackburn chosen to undertake class action against AMP
Law firm Maurice Blackburn has been selected by the NSW Supreme Court to underta...