No need for fewer resolution services: FSCL
All financial service providers must be registered with a disputes resolution scheme.
Government-owned Financial Disputes Resolution (FDR) charges financial advisers $700 a year to be a member of the scheme, but also received a subsidy of almost $1 million from the Government last year. It had forecast the need to spend $1.694 million for the year.
The Government has previously hinted that it wants to reduce the number of dispute resolution schemes available for financial services providers to register with.
Financial Services Complaints Ltd chief executive Susan Taylor said her organisation had been vocal about the fact that FDR was an unnecessary addition to the complaints resolution sector. She said service providers who were with the FDR could easily be catered for by her organisation or the Insurance and Savings Ombudsman.
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