This information comes after our 28 November media release, regarding financial firms that are yet to apply for AFCA membership.
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.
As we have not received payment by the given deadline, we have now:
List updated: 21 December.
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 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.