AFCA Adds 5 Financial Firms to List of Non-compliant Members

The Australian Financial Complaints Authority (AFCA) today announced to withdraw memberships of five financial firms(FF) and authorised credit representatives(ACR) who have failed to pay their AFCA membership levy and/or other fees. 

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 these financial firms 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.

Below are the list of firms newly added to Non-compliant Members.

• Master Wealth Control Pty Ltd

• Inno Quantum Capital Market

• Link Commercial Mortgages Pty Ltd

• Tower Finance Consulting Pty Ltd

• ​Centennial Money Pty Ltd

As Fazzaco reported earlier, in March 2021, AFCA has expelled 34 financial firms and authorised credit representatives, who have failed to pay their AFCA membership levy and/or other fees, from membership of AFCA. Back to December 2020, the regulator published the details of 842 financial firms who have failed to pay their AFCA membership levy and/or other fees​.