The membership fee for category A companies
The membership fee for category B companies
was created to act as a neutral third-party resolution committee that reviews and fairly resolves customer claims, thereby trying to facilitate a simpler, faster resolution of disputes than through industry regulators and the legal system. In addition, ACFC provides additional protection for traders through the ACFC Compensation Fund.
The Compensation Fund acts as an insurance policy for Members’ customers. This fund is stored in a separate bank account and is used only if a member company refuses to execute an ACFC decision.
Distributed to any client of a company that is a member of ACFC. However, it is important to understand that the fund is used only if the broker refuses to execute the decision of the commission in favor of the client.
The compensation fund will cover only solutions up to £ 100,000 per customer from a category A member company and up to £ 30,000 per customer from a B company member. ACFC is obliged to compensate the customer within 30 days from the decision of the Change Commission member company status. During this time, the Commission will take all possible actions to provide compensation to the client directly from the member company and also confirm the client’s personal data. In the event of a shortage of funds due to a large number of unsatisfied claims against a member company, the current fund balance will be evenly distributed among all claimants.
Before ACFC reviews your claim, you must contact your broker and get an official response on your claim. According to the ACFC rules, the broker must respond to the claim within 7 days.
The decisions made by ACFC are obligatory for implementation by companies that have already received conformity certificates, and should also be taken into account by those organizations that are planning to undergo the certification procedure.
State the essence of your claim in detail. Include as much information as possible, including the type of product / service, the date the problem occurred, the names, addresses and phone numbers (if you know them) of all individuals and legal entities related to the problem, you can attach additional files to this claim and send to mailbox [email protected]