The corporate regulator has given a final notice to licensee holders to notify the Australian Financial Complaints Authority of their membership before the end of this week.
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.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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