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.
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.
