The Australian Financial Complaints Authority has published details of four members expelled under board resolutions made on 21 May 2026. Three were expelled because they were insolvent under section 3.4(a) of the AFCA Constitution, while one was expelled for insolvency, failure to comply with AFCA’s Constitution and applicable rules, and failure to pay monies owed to AFCA. AFCA members are required to pay an annual membership levy and fees for complaints received about them. AFCA membership is required for financial firms and Authorised Credit Representatives to meet legal obligations when operating as an Australian Financial Services Licensee, Australian Credit Licensee, superannuation trustee, or Authorised Credit Representative. Expelled members that are still legally required to be AFCA members may seek reinstatement, which is at the absolute discretion of the AFCA Board or its delegate and is conditional on rectifying the issues that led to expulsion and meeting any additional conditions imposed.
Australian Financial Complaints Authority2026-05-26
Australian Financial Complaints Authority expels four members over insolvency and rule breaches
The Australian Financial Complaints Authority has expelled four members under board resolutions dated 21 May 2026, citing insolvency in three cases and, in one case, insolvency, non-compliance with the AFCA Constitution and rules, and non-payment of monies owed. AFCA reiterates that membership is mandatory for certain licensed financial firms and that expelled members who remain legally required to belong may seek reinstatement at the Board’s discretion once they have rectified issues and met any additional conditions.