
By now, all credit and financial services licensees, and superannuation trustees must have joined AFCA. But don’t overlook the additional work required to effectively transition from your existing external dispute body to AFCA by 1 November 2018.
The two key things you need to do are:
#1. Update documents and your website to refer to AFCA – Any documents or information on your website that refers to CIO, FOS or the SCT need to be updated.
Different timeframes apply to various types of documents:
#2. Notify your AFCA membership details to ASIC – You should have been a member of AFCA by 21 September 2018. You will be able to notify ASIC about your membership between 1 and 30 November 2018. Diarise this, so you don’t forget it.
Yes, it’s complicated, but there’s a helpful table on AFCA’s website – it sets out the timeframes and provides AFCA’s preferred disclosures wordings.
Do seek legal advice if you’re unsure. We’d be happy to help.
Author: Chris Deeble
September 2018
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