The Australian Financial Complaints Authority (AFCA) has published details of 34 financial companies that have not paid their AFCA membership fee or other fees. They were excluded from AFCA membership. AFCA members are required to pay an annual membership fee, along with fees for any complaints received about them. AFCA membership ensures that companies meet their legal obligations.
In December 2020, AFCA published the names of 842 financial companies that had not paid their AFCA membership fees or other fees. The Australian Securities and Investments Commission (ASIC) may revoke a company’s license if that company fails to retain its AFCA membership.