Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.10A - EXTERNAL DISPUTE RESOLUTION  

Division 4 - Information sharing and reporting  

SECTION 1058B   AFCA REPORTING TO CSLR OPERATOR  

Notification of unpaid fees to CSLR operator

1058B(1)    
AFCA must notify the CSLR operator, in writing, of AFCA ' s unpaid fees, for a month ending on or after the accumulation recovery day, as soon as practicable after the end of the month.

Note: The notification could include information about AFCA ' s unpaid fees, including whether those fees relate to pre-CSLR complaints.

1058B(2)    
AFCA ' s unpaid fees , for a month, is the sum of each fee (however described) that:

(a)    relates to one or more complaints, each of which:

(i) at the time the complaint is made, is a complaint against a person (the AFCA member ) who (at that time) is a member of the AFCA scheme; and

(ii) is a complaint about a product, or service, of a kind mentioned in subsection 1065(2) ; and

(iii) is a complaint that has been finalised by AFCA (including by making a determination); and

(b)    AFCA has charged to the AFCA member (or would have so charged were the AFCA member still in existence); and

(c)    the AFCA member has not paid to AFCA; and

(d)    AFCA finished taking steps to recover on or after the accumulation recovery day and during the month, which may have included taking one or more of the following steps if AFCA considered them appropriate (or possible):

(i) seeking an explanation from the AFCA member for the AFCA member not paying the fee;

(ii) explaining to the AFCA member the consequences of not paying the fee;

(iii) discussing with the AFCA member a reasonable payment plan or other alternatives to paying the fee;

(iv) if the AFCA member is (or has become) a Chapter 5 body corporate - engaging with an officer of the Chapter 5 body corporate to assess whether the body can pay the fee to AFCA.

Note: In addition to the steps in subparagraphs (d)(i) to (iv) , AFCA may take any other steps it considers appropriate and cost effective.

AFCA ' s accumulated unpaid fees

1058B(3)    
AFCA must notify the CSLR operator, in writing, of AFCA ' s accumulated unpaid fees as soon as practicable after the accumulation recovery day.

1058B(4)    
AFCA ' s accumulated unpaid fees is the sum of each fee (however described) that:

(a)    relates to one or more complaints, each of which:

(i) at the time the complaint is made, is a complaint against a person (the AFCA member ) who (at that time) is a member of the AFCA scheme; and

(ii) is a complaint about a product, or service, of a kind mentioned in subsection 1065(2) ; and

(iii) is a complaint that has been finalised by AFCA (including by making a determination); and

(b)    AFCA has charged to the AFCA member (or would have so charged were the AFCA member still in existence); and

(c)    the AFCA member has not paid to AFCA; and

(d)    AFCA finished taking steps to recover during the period:

(i) starting on 1 November 2018; and

(ii) ending on the day before the accumulation recovery day;

which may have included taking one or more of the steps mentioned in subparagraphs (2)(d)(i) to (iv) of this section if AFCA considered them appropriate (or possible).