Time for insurance brokers to update ASIC with their AFCA membership details

AFCA 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.

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

More than 35,000 firms operating across financial services, credit and superannuation have joined AFCA, and from 1 November 2018 their customers will have access to AFCA’s free and independent dispute resolution service to deal with complaints that aren’t resolved directly by the financial firm.

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 date you received your AFCA membership certificate. The commencement date should be the same date as the effective date.

To join AFCA go to the AFCA website www.afca.org.au