The two key things you need to do are:
#1. Update documents and your website to refer to AFCA – Any documents or information on your website that refers to CIO, FOS or the SCT need to be updated.
Different time frames apply to various types of documents:
– Disclosure documents such as FSGs, PDSs and Credit Guides can refer to FOS/CIO from 21 September 2018 to 31 October 2018. By 1 July 2019 they must refer to AFCA.
– National Credit Code forms i.e. the ‘things you should know about’ forms for credit contracts, guarantees and leases i.e. Form 5, 9 and 17, must be updated by 1 July 2019 (provided you update your broader communications about how to complain with AFCA’s details by 1 November 2018).
– Other National Credit Code forms and notices e.g. default notices, must be updated with AFCA’s details by 1 November 2018.
– Complaints information on your website, complaints policy or in brochures can give details of FOS/CIO/SCT from 21 September to 31 October 2018, but must be updated with AFCA’s details by 1 November.
– IDR delay and final response letters must refer to both FOS/CIO/SCT and AFCA from 21 September 2018 to 31 October 2018. By 1 February 2019, these letters must only refer to AFCA.
#2. Notify your AFCA membership details to ASIC – You should have been a member of AFCA by 21 September 2018. You will be able to notify ASIC about your membership between 1 and 30 November 2018. Diarise this, so you don’t forget it.
Yes, it’s complicated, but there’s a helpful table on AFCA’s website – it sets out the time frames and provides AFCA’s preferred disclosures wordings.
Chris Deeble, associate – Sydney, The Fold Legal
