Maintain AFCA membership (mandatory external dispute resolution)
AFSL + ACL holders must be members of AFCA — sole AU EDR scheme.
Who must comply
AFSL holders, ACL holders, RSE licensees, trustee companies.
What triggers it
Holding a relevant licence.
When due
Continuous.
Evidence required
AFCA membership; complaint handling records; compliance with AFCA determinations.
Max penalty
Licence consequences; civil penalties for failure to comply with AFCA determinations
Summary
Since 1 November 2018, the Australian Financial Complaints Authority is the sole AU external dispute resolution scheme. AFSL holders, ACL holders, superannuation trustees, and traditional trustee companies must be members and comply with AFCA determinations (up to $5,508,000 monetary jurisdiction for most disputes).
Enforced by
Source legislation
Topics
Source: https://afca.org.au. Rules Mate is not a law firm. Always verify against the live regulator source before acting.