Member Support Measures
14 December 2021
The criteria set out by the ATAS Charter and Code of Conduct represents a robust accreditation scheme which has a strong track record of demonstrating a successful self-regulatory scheme. As you are aware, ATAS was placed into a 'Monitor and Support Mode' in March 2020 to assist members through the numerous challenges of COVID.
AFTA have begun transitioning out of 'Monitor and Support Mode' now that the reopening recovery is on the horizon. During this phase, ATAS will be conducted with modified rules which have been summarised here:
- 2021 Financial Statements will be assessed according to the test set out in the Charter however the ATAS Compliance Manager will apply discretion to each of the tests, except for the Client Fund test.
- The Client Fund test will apply and any indication that client funds are not appropriately accounted for will remain a Show Cause event, meaning that AFTA will request the ATAS member to show cause and explain why they should not be cancelled.
- AFTA are managing consumer complaints pursuant to Stage 2 of the ATAS Code of Conduct. ATAS members are expected to comply with their internal complaint management policies (Stage 1) and to assist AFTA where a complaint has been escalated to the ATAS Compliance Manager (Stage 2). The ATAS Complaint Appeal Committee (ACAC) remains suspended until 31 March 2022.
The AFTA Board has extended Monitor and Support Mode until 31 March 2022. As previously advised, the ATAS Charter will undergo its periodic review shortly and AFTA will offer all members the opportunity to discuss and consult on recommendations.