MFAA members that hold a credit or financial services licence are reminded to notify the Australian Securities & Investments Commission (ASIC) of their membership to new financial services dispute resolution scheme, the Australian Financial Complaints Authority (AFCA), 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 may be incurred if AFCA details are not updated by the 30 November 2018 deadline.
For further information on the process and to read the ASIC media release, click here.