On 25 October, ASIC reminded those financial firms who are yet to join the Australian Financial Complaints Authority (AFCA) to act immediately.

According to ASIC, more than 35,000 financial firms required to join AFCA have now joined the scheme, while there are more than 300 licensed financial firms who are still to join.

ASIC stated that if licensees were not a member of AFCA as at 21 September 2018 they are in breach of their licence obligations and ASIC can immediately commence action to suspend or cancel their licence.