Reminder for AFS Licensees: Upcoming OFA Deadline
AFS licensees are reminded to take immediate action to address any ongoing fee arrangement (OFA) consents signed between January 10, 2025 and September 5, 2025 that were missing the client’s account number. While ASIC has provided a limited “no-action” position for this period, it does not exempt firms from their reporting obligations for these breaches.
To rely on this no-action position, a new, fully compliant OFA with a revised written consent, including the account number, must be in place by the September 5, 2025 deadline. If a compliant consent is not obtained by this date, the fee recipient must stop receiving fees from that client. Superannuation trustees, in particular, should review their processes to ensure all consents comply with the Corporations Act requirements. Read more here.
Policies affected: Complaints handling Policies
Organisations affected: AFSL holders who deal in credit products and may receive complaints on financial hardship
AFCA Releases Updated Financial Difficulty Guide
The Australian Financial Complaints Authority (AFCA) has released an updated guide for financial firms on handling complaints from clients experiencing financial difficulty. The guide is a useful tool for clients and firms dealing with clients in financial hardship.
This is also a useful reminder of the maximum of 21 calendar days to provide a written response to complaints related to financial hardship, which is shorter than the 30-day timeframe for standard complaints. Read more here.
Policies affected: Adviser Policies
Organisations affected: AFSL holders who provide personal advice to retail clients
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