The Australian Financial Complaints Authority (AFCA) published details of 19 members expelled from AFCA following Board resolutions made on 13 May 2025. The expulsions were made under section 3.4(a) of the AFCA Constitution for either failure to pay monies owed to AFCA or because the member is insolvent. AFCA members are required to pay an annual membership levy as well as fees for complaints received about them. AFCA noted that membership helps financial firms and Authorised Credit Representatives meet legal obligations when operating as an Australian Financial Services Licensee, Australian Credit Licensee, superannuation trustee, or as an Authorised Credit Representative; expulsions for non-payment followed unsuccessful attempts to recover the amounts owed. Expelled members who remain legally required to be AFCA members are encouraged to engage with AFCA to discuss payment options and the process to apply for reinstatement.
Australian Financial Complaints Authority 2025-06-06
Australian Financial Complaints Authority expels 19 members for unpaid fees or insolvency
The Australian Financial Complaints Authority expelled 19 members for failing to pay dues or due to insolvency, following Board resolutions on 13 May 2025. Expelled members legally required to maintain AFCA membership are urged to discuss payment options and reinstatement procedures.