It is a statutory requirement that all credit licensees and authorised credit representatives that deal in regulated lending must be registered as an Australian Financial Complaints Authority (AFCA) member by 1 November 2018.
AFCA has advised that the registration process may take 5 to 7 days.
Those who are not registered by 1 November 2018 will not legally be able to lodge loan applications with lenders.
Nor will they be able to provide credit advice or credit assistance to consumers until AFCA registration is complete.
Don’t wait, apply for membership of the EDR scheme now - to avoid being in breach of your ASIC licensing obligations.
For additional assistance with this transition to AFCA membership, please email firstname.lastname@example.org or call 1300 56 55 62.