Important reminder regarding AFCA membership
Important reminder for license-holding (ACLs) and authorised credit representatives who are members of the Credit & Investment Ombudsman (CIO) EDR scheme - to secure Australian Financial Complaints Authority (AFCA) membership ASAP.
While AFCA is still accepting late applications, those who haven't applied for membership may be in breach of their obligations of being covered by an EDR scheme. The deadline for CIO members was 31 August, and failure to lodge an application means non-compliance with their ASIC licensing obligations.
For those who have already completed their AFCA application after the 31 August 2018 deadline, AFCA anticipates you will receive confirmation of membership by 21 September 2018.
For those who have not yet begun or completed the AFCA application process, it is strongly advised you complete your application now, as a matter of urgency.
It is important to note that CIO Limited membership must be maintained through the transitional period, including paying membership and other scheme fees in full as required.
Please note, ASIC will be monitoring compliance with existing EDR scheme requirements by financial service providers.
For further information contact AFCA on 1300 56 55 62, or visit their website, www.afca.org.au.