AFCA’s new funding model comes into effect on 1 July 2022. The new fee structure, including the introduction of five free complaints, will apply to complaints closed from 1 July 2022 (excluding legacy complaints).
Billing timeline
AFCA has created a timeline so that members know when to expect user charge and complaint fee invoices over the coming weeks.
- Late June/early July 2022
Annual registration fee notices for the 2023 financial year will be sent to all members. For financial firm members this is a flat fee of $375.55. Authorised Credit Representatives will receive their renewal notice first week of July. This is a flat fee of $65.98. - Early July 2022
Complaint invoices for complaints closed in June 2022 will be sent to all members. As these complaints were closed prior to 1 July 2022, members will be invoiced under the previous funding model and fee structure. - Early August 2022
Complaint invoices for complaints closed in July 2022 will be sent to all members. As these complaints were closed after 1 July 2022, members will be invoiced under the new funding model and fee structure. - Early August 2022
User charge invoices will be sent to eligible members. User charge invoices for FY23 have been calculated under the new funding model and are based on complaints closed in FY22. For more information about how the user charge is calculated, visit the User Charge Guide on the AFCA website.
Progressive invoicing threshold for user charge fees
Following the funding model consultation, AFCA introduced the option for progressive invoicing for members with a user charge over a certain threshold.
Members with a user charge of over $25,000 will be able to opt-in to progressive invoicing throughout the 2023 financial year. To reduce the administrative burden on members and AFCA, members with an annual user charge below the $25,000 threshold will receive a single invoice in the first week of August.
Members with a user charge more than $25,000 will receive a monthly user charge invoice. In July, AFCA will send a separate email with instructions on how to apply for annual or quarterly invoicing instead.
