With the Australian Financial Complaints Authority (AFCA) set to commence on Nov. 1, licenced financial firms yet to join the new single external dispute-resolution (EDR) scheme are urged to act immediately, or risk penalties.
Corporate regulator ASIC said more than 35,000 firms required to join AFCA have now become members, but more than 300 firms have still not joined, mostly credit licensees who were former members of the Credit and Investments Ombudsman.
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