The Australian Financial Complaints Authority (AFCA) has published details of another 5 financial companies that have not paid their AFCA membership fee or other fees. Their AFCA membership has been terminated. AFCA members are required to pay an annual membership fee, along with fees for any complaints received about them.
These are the following companies: Master Wealth Control Pty Ltd; Inno Quantum Capital Market; Link Commercial Mortgages Pty Ltd; Tower Finance Consulting Pty Ltd, and Centennial Money Pty Ltd.
In December 2020, AFCA published the names of 842 financial companies that had not paid their AFCA membership fees or other fees. In March 2021, AFCA published details of another 34 financial companies that had not paid their fees. The Australian Securities and Investments Commission (ASIC) may revoke a company’s license if that company fails to retain its AFCA membership.