The Australian Financial Complaints Authority (AFCA) has published the details of 18 member that have been expelled from AFCA.
In accordance with resolutions made by the AFCA Board of Directors on 5 September 2024, AFCA has expelled 18 members for one or both of the following two reasons (as per section 3.4(a) of the AFCA Constitution):
- A failure to pay monies owed the company within 30 days of receiving notice requiring payment (the members in this category had invoices more than 12 months overdue)
- Due to the member being insolvent (the members in this category had been in liquidation for 12 months or more)
Members of AFCA are required to pay an annual membership levy, along with fees for any complaints received about them.
Being a member of AFCA ensures financial firms and Authorised Credit Representatives (ACRs) meet their legal obligations when they are operating as an Australian Financial Services Licensee, Australian Credit Licensee, are a Superannuation Trustee or are an ACR.
For those members that have been expelled due to a failure to pay monies owed, this has occurred following AFCA’s unsuccessful attempts to recover the monies owed. If an expelled member is still required by law to be an AFCA member, we encourage them to contact our Membership Team as soon as possible to discuss payment options for the outstanding fees and how to apply to reinstate their AFCA membership.
Our Membership Team can be contacted via membership@afca.org.au or by calling 1300 565 562.
View the list of members here.
Published: 17 September 2024
Media enquiries media@afca.org.au
About AFCA
The Australian Financial Complaints Authority (AFCA) is a non-government ombudsman service providing free, fair and independent help with financial disputes. It is a one-stop-shop for consumers and small businesses who have a dispute with their financial firm, over things such as banking, credit, insurance, advice, investments or superannuation. Where an agreement cannot be reached between parties, AFCA can issue decisions that are binding on financial firms.
