Australian financial services licensees who provide financial services to retail clients, Australian credit licensees, authorised credit representatives and superannuation trustees are required to be members of AFCA.
Firms were required to register with AFCA on or before 21 September 2018. Those who have not yet done so must take steps to register as soon as possible. For firms who are also AFS licensees, it will also be necessary to follow any internal breach reporting policies and procedures as failure to maintain membership with AFCA is a breach of the general licensee obligations under the Corporations Act 2001 (Cth).
ASIC has indicated that they are closely monitoring membership lists with AFCA. Financial firms must also ensure their clients are aware that they can bring a complaint to AFCA.
If you are a financial professional and wish to ensure your compliance, contact a solicitor today.
