Australian Financial Complaints Authority adds 34 firms to list of non-compliant members
The Australian Financial Complaints Authority (AFCA) today published the details of 34 financial firms that have failed to pay their AFCA membership levy and/or other fees. 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 explains that it has attempted to contact the financial firms named and encourages them to contact its 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.
You can view the list of the latest additions to the list of non-compliant firms below.
- AdviserChoice Pty Ltd
- Amishaben Vaghela
- Boutique Capital Pty Ltd
- Carrington Financial Group Pty Ltd
- Chak Wong
- Credit Four Pty Ltd
- Damian Power
- Financial Options Pty Ltd
- Future Asset Management International Limited
- Jarrod Morrison
- Consulting Pty Ltd
- Lei Jiang
- Lending Legends Group Pty Ltd
- Malissa Vourakis
- Mayo Filipovic
- Nuong Nguyen
- PAULINE Lynette FLYNN
- Pegasus Financial Services Pty Ltd
- Premier Finance Group Pty Ltd
- Qsmart Securities Pty Ltd
- Quattro Capital Group Pty Ltd
- QWL Pty Ltd
- Raymond Wardan
- Rebecca Ravenscroft
- Robert Bayntun Starky
- Ryan Sullivan
- Scarmax Pty Ltd
- Scott Averay
- Sharron Lee McPherson
- Tim Slarke Finance
- Viridian Equity Group Pty Ltd
- Wanda Terre
- William Jeffery
- Yes Cathy Yes
Let’s recall that, in December 2020, AFCA published the details of 842 financial firms that have failed to pay their AFCA membership levy and/or other fees.
The Australian Securities and Investments Commission (ASIC) may cancel a firm’s licence if this firm fails to maintain AFCA membership. For instance, in November 2020, ASIC cancelled the AFS license of Selectinvest Pty Ltd. The regulator explained that the firm failed to maintain its external dispute resolution membership with the Australian Financial Complaints Authority (AFCA), and had failed to lodge its annual financial and audit reports since 2017.
Under the Corporations Act, ASIC may suspend or cancel an AFS licence if the licensee fails to meet its obligations under s912A. This includes the obligation to hold membership of a dispute resolution system.