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The Transition from FOS to the AFCA Commences 1 April 2018

Posted on March 28th, 2018 by Sophie Gerber in AFSL Compliance

Is your business a member of the Financial Ombudsman Service (“FOS”)? If so, you should have received two important emails from FOS this month.

One was sent in early March advising that the Government is establishing the Australian Financial Complaints Authority (“AFCA”) as a new one-stop shop to deal with all financial services complaints.

The second email from FOS was sent on 19 March requiring all members to:

  • Complete their FOS annual assessment and member declaration by 1 April 2018 in order to ensure a smooth transition of membership to AFCA; or
  • Submit a cancellation request by 30 April 2018 if they no longer require EDR membership.

For all members of FOS, access to the annual assessment and member declaration for the 2018/19 period is available via Secure Services. You will also be able to access the cancellation form if you no longer require EDR membership.

FOS has also included an Annual Assessment and Member Declaration Information Guide in its email, which provides further information regarding the transition process.

Please feel free to contact us should you have any questions or if you haven’t received the abovementioned emails from FOS.

Please refer to our previous blog articles below for further information about the AFCA.

Melody Gao

Melody assists in preparing, reviewing and negotiating legal documentation for participants in the financial services industry. Melody also assists with developing, reviewing and amending compliance documentation. She also supports the Compliance Consultants with the preparation of AFSL and ACL applications, variations and compliance reviews. Melody provides ongoing legal support and also assists in implementing ongoing compliance support, updating procedural documentation and preparing compliance reporting for Compliance Committees and Boards of Directors.