The Australian Financial Complaints Authority (AFCA) opened on 1 November and offered customers access to it’s free and independent dispute resolution service to deal with complaints that aren’t resolved directly by the financial firm.
More than 35,000 firms operating across financial services, credit and superannuation have joined AFCA. All members who hold a financial services or credit licence has until 30 November to notify ASIC of their membership details.
Credit licensees must also notify ASIC of the AFCA membership details of their authorised credit representatives who are AFCA members.
Late fees will apply to all firms who update their details after the 30 November cut-off date, including all former FOS and CIO members who have now joined AFCA.
Former FOS members should select a commencement date of 1 May 2018 while former CIO members commencement date will be the same date as they received the AFCA membership certificate.
