The AFCA membership ensures financial firms meet their legal obligations when they are operating as an Australian Financial Services Licensee, Australian Credit Licensee, are a Superannuation Trustee or are an Authorised Credit Representative. The Authority attempted to contact the firms in question and to invite them to contact their tram to discuss payment options for…
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Australian regulator ASIC has warned all Australian financial services licensees, Australian credit licensees, authorised credit representatives and superannuation trustees that they must join the Australian Financial Complaints Authority (AFCA) now if they have not already done so. The Minister for Financial Services set a membership deadline for joining AFCA of 21 September 2018. This can…
Read moreASIC has announced it will give financial firms, including superannuation trustees, transitional relief until 1 July 2019 to allow them time to update mandatory disclosure documents and periodic statements with the contact details of the Australian Financial Complaints Authority (AFCA). AFCA is the new single external dispute resolution (EDR) scheme for consumer and small business…
Read moreAustralian regulator ASIC announced that it welcomes the authorisation by the Minister for Revenue and Financial Services of the operator of the new single external dispute resolution (EDR) scheme for consumer and small business complaints: the Australian Financial Complaints Authority (AFCA). AFCA will be able to deal with complaints about financial firms including banks, credit…
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After the bill to create a new Complaints authority passed Australia's parliament on February 14 - mandating that the new authority to be named Australian Financial Complaints Authority (AFCA) be in action by November 2018 - Australia's financial regulator ASIC today released a draft updated Regulatory Guide 139, Oversight of AFCA for public consultation. The Bill to establish…
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Australia's financial regulator ASIC has stated that it welcomes the passage through Parliament of the Bill to establish the new Australian Financial Complaints Authority (AFCA). The AFCA will start accepting complaints no later than November 1, 2018. AFCA is the culmination of more than 20 months of public consultation and inquiry, commencing with the review…
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