FSCL reduces fees

Friday, June 21st 2013, 6:00AM 2 Comments

Financial Services Complaints Ltd has announced it will reduce its annual fees by 10% for the next financial year.

Chief executive Susan Taylor said it was a result of a cash surplus due to membership growth.

"As a not-for-profit it is important that the fees we charge reflect our costs and that we are not making our participants pay more than they need to for our services."

She said the board hoped continued growth would mean further fee reductions were possible in future years.

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Comments from our readers

On 21 June 2013 at 3:16 pm Amused said:

This 10% reduction to annual membership fees won't give me pause to reconsider my leaving FSCL and seeking membership with an alternative dispute resolution provider. Given some of the recent comments made by Susan Taylor (see link below to Good Returns article dated 18th April) and others made by Trevor Slater previously I am not inclined to belong to an organisation that doesn't seem to respect what we do. Taylor and Slater need reminding that without advisers they wouldn’t have a business/job.

http://www.goodreturns.co.nz/article/976500766/complaints-up-but-awareness-low.html

On 24 June 2013 at 1:20 pm FSCL Broker said:

Has anyone had a read of the FSCL annual report on their website? (Well, the 2011/12 one that is available).

Some interesting figures:
- 115 total cases (investigations into 92)
- 38 of these settled by negotiation etc
- 33 withdrawn when they didnt look likely to win.
- 30 out of 47 insurance related ones were travel insurance related.
- $250k in total compensation for claimants
- $1.83 million gross income in 2011
- $1.43 million gross income in 2012
- $1.08 Administration expenses!!! (Both years)

Is it just me, or should $1.08 million in salaries really be required for such a tiny workload of claims received??

Thanks for the 10% reduction in fees?!!
What a sham!! I am stick of being milked by organisations like this!!!

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