1. How is the Association Structured?
The Association was formed in 1927 and was incorporated in 1934. It is controlled by a Board of Management elected annually and consists of a President, Vice President, Treasurer and a maximum of 9 other members, all acting in honorary capacities. The Secretary of the Association is the only paid official.
Membership comprises of Ordinary and Associate Members. Any person, firm, franchisor or company whose business is that of financier or credit provider is eligible for Ordinary Membership and is entitled to one vote on the Association's Board. Associate Members are drawn from the franchisees of the companies and/or employees of members, whose membership allows participation in Board of Management decisions, but are not entitled to vote or hold office.
3. How much does it cost to become a member?
The period of membership runs from 1 January through to 31 December of each year. Membership is calculated on a pro rata basis from the commencement date of the application. Ordinary membership costs $220.00 inclusive of GST per annum. Associate membership costs $110.00 inclusive of GST per annum.
4. What are the objectives of the Association?
The objectives of the association are:
- To uphold the status and protect the interests of its members
- To lobby government and regulators to redress, by lawful means, any legislative issues or problems
- To circulate amongst its members, information affecting their trade or business
- To provide education and information to its members in matters of common interest
- To encourage members to interact and network amongst each other
- To monitor that all of its members adhere to the Code of Ethics of the Association
5. What are the Benefits of Membership of the Association?
All members have access, through the Association's honorary solicitors, to a range of documents specific to the needs of the members' business. (Charges may be levied dependant upon certain requirements). Additionally, members have access, to official interpretations and information regarding the relevant legislative provisions relating to the industry. The benefit of being represented by an Association with a target critical mass membership is the ability to influence and advance certain outcomes.
6. Credit Ombudsman Service (COSL)?
All Association members will be required to become a member of an external dispute resolution (EDR) organization. The FAA has arranged a discounted fee to join COSL. For further details, please refer: www.creditombudsman.com.au