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.

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