ASIC tells firms to provide details of their membership in new dispute resolution body

Maria Nikolova

Firms holding a financial services or credit licence must notify ASIC of their AFCA membership details by November 30, 2018.

The Australian Securities & Investments Commission (ASIC) has earlier today informed licensees of their obligation to provide the regulator with the details of their membership in the newly launched dispute resolution body.

ASIC says over 35,000 firms operating across financial services, credit and superannuation have joined AFCA, and from November 1, 2018 their customers have access to the services provided by the Australian Financial Complaints Authority (AFCA). AFCA offers free and independent dispute resolution service to deal with complaints that are not resolved directly by the financial firm.

AFCA members holding a financial services or credit licence must notify ASIC of their AFCA membership details by November 30, 2018. Credit licensees must also notify ASIC of the AFCA membership details of their authorised credit representatives that are AFCA members. This applies to all former FOS and CIO members who have now joined AFCA.

Late fees will not apply if AFCA details are updated by November 30, 2018. If transitioning firms update their AFCA membership details after this date late fees will apply.

Firms can notify ASIC by logging in to ASIC’s online services and updating their details.

The new single scheme for all financial services, credit and superannuation complaints started operation with markedly enhanced monetary limits for most consumer and small business complaints. AFCA deals with:

  • consumer and small business complaints about most financial products and services with a value of up to $1 million, and award compensation up to $500,000;
  • small business and primary producer complaints about credit facilities up to $5 million in value, and award compensation up to $1 million and $2 million respectively;
  • superannuation complaints with an unlimited value.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<