The purpose of the AFCA membership levy is to provide for:
the administrative costs to establish your AFCA membership, and
Any membership fees paid to CIO are required to finalise all CIO files and related winding down costs.
Note: only if there are excess funds leftover after CIO is wound up, will these funds be transferred to AFCA. Should there be any excess funds they will be used to reduce the AFCA membership invoices for ex-CIO members to be issued in June 2019.
As a License holder (i.e. ACL) you’ll need complete the AFCA Annual Assessment and Member Declaration (via Secure Services), or
as an Authorised Credit Representative (i.e. ACR) of a License holder, you will need to apply for ACR membership with AFCA via this link.
You will need to complete this before Friday 31 August 2018.
View these helpful guides to assist with the above process:
While you will be required to transition your CIO membership across by 31 August 2018, your AFCA membership as a License holder or ACR will not be officially effective until 1 September 2018.
Member certificates will be available via Secure Services (the online AFCA member portal) from Monday 3 September.
You will be provided with confirmation of membership approval and instructions of how to access your certificate from Monday 3 September.
In the meantime, if you have current CIO membership, you wil still be able to provide evidence of membership to an EDR scheme using your CIO member certificate.
As a License holder, you will have email instructions on how to complete your annual assessment and member details, including your member ID. If you have completed the annual assessment and member details, you have evidence of completing the transition process.
De-identified example screenshot below:
As an Authorised Credit Representative (ACR), once your application for membership has been initially accepted, AFCA and your Licensee will be able to view your AFCA membership ID within 3 business days of your submitted application.
Example screenshot of how Licensee can see ACRs who are linked to their AFCA membership:
AFCA member certificates for transitioning CIO members will not be able available until 3 September 2018.
In the interim, they will need to provide their CIO member certificates to their aggregator.
If they are not a current CIO member, they will be considered a new member of AFCA and will have their application outside of the CIO member transition process. Therefore, they will be provided access to their AFCA member certificate from 3 September, or within 5 working days if their application is after 3 September.
Membership to an EDR scheme (i.e. AFCA) is required for each Authorised Credit Representative (ACR) where:
an individual ACR (i.e. rep in John Smith) has been appointed by a Licence holder (i.e. Smartline Operations Pty Limited),
Individual employees who are also appointed by the same Licensee as their corporate ACR will not be strictly required to hold their own EDR membership. However, if it is a requirement for the Licensee to list these employees, then they can submit individual applications for their own ACR membership and be linked under the Licensee’s membership.