Due to outstanding fees - either from membership with the Credit and Investment Ombudsman (CIO), or from an unpaid AFCA membership levy – the AFCA membership application of 86 organisations have now been cancelled.
We believe that all 86 organisations are required to be AFCA members as a condition of their financial services or credit licence and are now in breach of their legal obligations.
These organisations have previously been sent correspondence requesting that they pay the outstanding fees by 16 November 2018.
ASIC will be notified of this breach of legal obligations
As we have not received payment by the given deadline, we have now:
- Cancelled their membership application
- Notified the Australian Securities and Investments Commission (ASIC), that they do not hold AFCA membership and are therefore in breach of their legal obligations
- Advised members of the public that they do not hold AFCA membership.
For information regarding financial firms in breach, please contact ASIC.
Are you an affected organisation?
If you are no longer operating
You must contact ASIC to cancel your licence if you are no longer operating.
Information is available on the ASIC website about how to cancel your licence.
If you are still operating and require membership
[node:summaryIf you are required to be a member of AFCA, you will need to pay the outstanding fees directly to AFCA as previously instructed, and then request AFCA to accept your membership application.