The Australian Financial Complaints Authority has today published the details of 680 financial firms who have failed to pay their AFCA membership levy. These financial firms and authorised credit representatives have been expelled from membership of AFCA.
Financial Firms which are members of AFCA are required to pay an annual membership levy, along with fees for any complaints received about them.
Being a member of AFCA ensures financial firms meet their legal obligations when they are operating as an Australian Financial Services Licensee, Australian Credit Licensee, are a Superannuation Trustee or are an Authorised Credit Representative.
AFCA has attempted to contact the financial firms named and encourages them to contact our member team as soon as possible to discuss payment options for any outstanding fees and reinstate their membership, if they are still required by law to be an AFCA member.