ASIC tells firms to notify it of their AFCA membership

Maria Nikolova

Licensees who fail to notify ASIC of their AFCA membership by the end of November will be in breach of their licence conditions and will face fees for late notification.

Australia unveiling new law to decimate smaller FX firms

Nearly a month has passed since the new external dispute resolution body for Australia’s financial services sector started operating and the Australian Securities & Investments Commission (ASIC) is now reminding firms that they have to notify the regulator of their membership in the new body.

In an announcement issued earlier today, ASIC said financial firms that are members of the Australian Financial Complaints Authority (AFCA) must notify the regulator of their AFCA membership by November 30, 2018. This means that licensees have a couple of days left to do so.

Licensees who fail to notify ASIC will be in breach of their licence conditions and will face fees for late notification. ASIC estimates that more than half of AFCA’s 37,000 members are yet to notify ASIC of their membership details.

It is essential that licensees provide updated details to ASIC. Financial firms have been given an extension of time to notify ASIC and the regulator will not be extending the final notification date beyond November 30, 2018.

AFCA members who were former FOS members should enter a commencement date of May 1, 2018. The commencement date should be the same date as the effective date. The notification for AFS licensees can be made here.

The new body has taken over from the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal.

Financial firms including AFS licensees that provide financial services to retail clients, credit licensees, most credit representatives, superannuation trustees and unlicensed product issuers are required by law to join AFCA. Some other firms operating under a licensing exemption may also be required to join the Australian Financial Complaints Authority (AFCA), including firms operating in the regulatory sandbox. The firms should have done so by September 21, 2018.

Read this next

Digital Assets

Binance buys Japanese crypto exchange Sakura BitCoin

Binance, the world’s largest crypto exchange by traded volume, has made a fresh bid to enter Japan with the acquisition of Japanese-registered crypto exchange service provider Sakura Exchange BitCoin (SEBC). The financial terms of the transaction were not disclosed.

Industry News, Inside View

Viacheslav Taran: FX and Crypto industry mourns death of Libertex Group co-founder

FinanceFeeds reports with great sadness that Viacheslav Taran, Co-Founder of Libertex Group, passed away last Friday. 

Digital Assets

FTX founder SBF called to testify by Texas regulator

The Texas State Securities Board (TSSB) has called on Sam Bankman-Fried to testify during an administrative hearing scheduled for Feb. 2, 2023. The move marks yet another expansion of enforcement agencies’ probes into FTX’s activities following its insolvency.

Digital Assets

Despite FTX chaos, Italy welcomes crypto lender Nexo

Crypto lender Nexo has won regulatory approval from Italy’s financial regulators, allowing the exchange to continue serving Italian customers.

Institutional FX, Interviews

ION Markets for execution and clearing: Francesco Margini at FIA EXPO 2022

The CPO of Cleared Derivatives at ION Markets spoke about the need for automated execution and clearing in times of surging volumes and increased volatility.

Institutional FX

FIA EXPO 2022: Baton Systems President on building post trade rails for capital markets

As the world’s largest trade show for the listed derivatives dealers, the FIA Futures and Options Expo is a high point for the global cleared swaps community, with dozens of panels, educational sessions, networking opportunities and more.

Inside View

Olga Taran releases public statement in Monaco regarding “false accusations” against her late husband Viacheslav

Vyacheslav Taran, 53, founder of Forex Club and CEO of Libertex Group, was the sole passenger of a helicopter that crashed in Villefranche-sur-Mer this weekend. The helicopter crash is still under investigation, and authorities have not indicated any possibility of foul play.

Industry News

Brokeree Solutions Wins the “Best Emerging Fintech” Award

2022 has become, for Brokeree Solutions, a time of new inventions and developments. We are pleased that the industry has appreciated this emergence of new technologies

Metaverse Gaming NFT

Glip raises $2.5 million to develop class-A Web3 games ecosystem

Web3 game discovery & wallet app, Glip has raised an additional $2.5 million in new funding from a range of investors, bringing the total investments it received to $6 million thus far. 

<