AFCA announces the details of non-compliant firms

The Australian Financial Complaints Authority published the details of 680 financial firms who have not paid their AFCA membership fee. The non-compliant authorised credit representatives have been expelled from membership of AFCA.

All financial firms with AFCA membership are required to pay an annual membership fee and a fee for complaints received about them.

AFCA discloses the details of 680 non-compliant firms

The AFCA membership 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.

The Authority attempted to contact the firms in question and to invite them to contact their tram to discuss payment options for outstanding fees and reinstate their membership.

The official list of the 680 financial firms with outstanding AFCA membership fees can be seen on the AFCA’s website.

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