From 1 November 2018, customers of firms operating across financial services, credit and superannuation will have access to AFCA’s free and independent dispute resolution service. This will allow them to deal with complaints that are not directly resolved by the financial firm.
If you haven’t already, don’t forget that a financial services or credit licence must notify ASIC of their AFCA membership details (via ASIC form FS 20) by 30 November 2018. Credit licensees must also notify ASIC of the AFCA membership details of their authorised credit representatives who are AFCA members.
This includes all former FOS and CIO members who have now joined AFCA.
Late fees will not apply if AFCA details are updated by 30 November. If transitioning firms update their AFCA membership details after this date late fees will apply.
Firms can notify ASIC by logging in to ASIC’s online services and updating their details. See the ASIC release below.
This document is designed to provide helpful general guidance on some key issues relevant to this topic. It should not be relied on as legal advice. It does not cover everything that may be relevant to you and does not take into account your particular circumstances. It is only current as at the date of release. You must ensure that you seek appropriate professional advice in relation to this topic as well as to the currency, accuracy and relevance of this material for you.
Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners of Radford Lawyers Pty Limited are members of the scheme.