Update ASIC with your AFCA details!

November 19th, 2018

Just a quick update from the Compliance Team regarding finalising your Australian Financial Complaints Authority (AFCA) registration with ASIC.

As AFCA commenced its operation as the single External Dispute Resolution Scheme on 1 November 2018, members holding a financial services or credit licence must notify ASIC of their AFCA membership details 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.

If you are a Connective Credit Representative, we will ensure ASIC has your AFCA details, so no action will be required from you.

How to update ASIC with AFCA details?

Financial services and credit licence holders can notify ASIC of their AFCA details by logging into the ASIC online services and completing form “CL20 Notification of change of credit licence details”.

Credit licensees can notify ASIC of the AFCA membership details of their authorised Credit Representatives by completing form “CL32 Vary the details of a Credit Representative”.

Late fees will not apply if AFCA details are updated by 30 November. If transitioning firms update their AFCA membership details after this date, late fees will apply.

Your AFCA commencement date

For AFCA members who were former FOS members, you should enter a commencement date of 1 May 2018. The commencement date should be the same date as the effective date.

For AFCA members who were former CIO members, your commencement date will be the date you received your AFCA membership certificate. The commencement date should be the same date as the effective date.

Have any questions?

If you have any questions in relation to updating your AFCA details with ASIC, please do not hesitate to contact your local Compliance Support Manager via the Help icon in Mercury or email us at compliance@connective.com.au and we’ll be happy to help.