ASIC warns on AFCA membership late fees
The Australian Securities and Investments Commission (ASIC) has warned the 37,000 financial firms who are members of the Australian Financial Complaints Authority (AFCA) that haven’t reported their memberships to do so or face late fees.
Financial firms were given an extension of time to notify ASIC, but the regulator has held firm on the final notification date, 30 November 2018.
The regulator said AFCA members who were former FOS members should enter a commencement date of 1 May 2018, and should be the same as the effective date.
For AFCA members, who were former CIO members, the regulator said the commencement date would be the date the AFCA membership certificate was received.
AUTHOR
Anastasia Santoreneos
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
