ASIC reminds licensees to update their AFCA-membership details

ASIC reminds licensees to update their AFCA-membership details | Insurance Business

ASIC reminds licensees to update their AFCA-membership details

Corporate regulator ASIC is reminding licensees to fulfil their obligation in relation to the newly launched financial-services dispute-resolution scheme.

The Australian Financial Complaints Authority (AFCA) started operations on Nov. 1, replacing the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO), and the Superannuation Complaints Tribunal (SCT).

The one-stop-shop for financial-sector disputes now has more than 35,000 members.

AFCA members with a financial services or credit licence, including all former FOS and CIO members, are required to notify ASIC of their AFCA-membership details, as well as those of their authorised credit representatives who are AFCA members, by Nov. 30.

Late fees will apply for transitioning firms who are unable to update their AFCA membership details to ASIC by the Nov. 30 deadline.

Firms can notify ASIC by logging in to ASIC’s online services and updating their details.