Articles tagged with 'FSCL'
Financial complaints rise as cost-of-living pressures continue
15 April 2024 - As the cost of living crisis bites, disputes have risen by 36% and complaints to Financial Services Complaints Ltd (FSCL), a free financial ombudsman service, have risen by 17% .
Mediation or arbitration can stop if court action looms - advice
20 January 2023 - The finance industry has received a sharp reminder that their disputes might not be settled if the possibility of court action is looming.
Advisers generate few complaints
19 December 2022 - Advisers who long for Christmas after a difficult year can reflect on one positive trend: they have been relatively well behaved.
Advisers, clients urged to be clear on clawbacks
22 November 2022 - Mortgage advisers have been told to make sure borrowers fully understand that they can be subject to a clawback fee if a bank loan is paid back early.
FSCL urges lenders to take note
19 September 2022 - Lending company faulted in CCCFA related case.
Financial services complaints body wins years-long court battle against chief ombudsman
16 June 2022 - After a seven-year battle and two trips to the Court of Appeal, Financial Services Complaints Ltd (FSCL) has won the right to use the term “ombudsman” in its name.
Non-disclosure case highlights need for better records
29 October 2021 - A life and health insurance adviser has agreed to pay $1000 in compensation to a client who complained to Financial Services Complaints Ltd that she had not been adequately advised about the risks of non-disclosure.
The dangers of home loan holidays
27 October 2021 - Financial Services Complaints Ltd (FSCL) has issued a warning that loan payment holidays can have long-term costs that people don't always appreciate.
Mortgage adviser pays more than $3,000 to end complaint
19 October 2021 - A mortgage adviser has paid more than $3000 to a woman after a delayed application for a mortgage led to costly engagement with another broker.
FSCL sees spike in overall complaints
15 October 2021 - Complaints made to FSCL have gone up in the past year but remain on the low side for health and life insurers while complaints against finance companies and lenders have dropped.
Broker complaint dismissed
22 September 2021 - FSCL has rejected a complaint against a broker and finance company after a client fell behind on mortgage payments and was forced to sell their home.
FSCL case highlights need for better record keeping
5 August 2021 - A complaint accusing an adviser of selling income protection insurance that was not fit for purpose has been dropped by Financial Services Complaints Ltd but highlights the need for accurate record-keeping by advisers.
FSCL case highlights clawback danger
29 July 2021 - A mortgage adviser has been forced to drop their request for a commission clawback following a dispute involving FSCL.
FSCL surprised by PI insurance hikes
9 June 2021 - FSCL chief executive Susan Taylor has expressed her surprise at soaring professional indemnity insurance costs under the FSLAA regime.
FSPR deadline causes panic
21 May 2021 - The Financial Service Providers Register has threatened to de-list advisers who have not linked their registration to a financial advice provider or authorised body under the new regime, causing panic across the industry.
Dispute resolution schemes up for review
23 April 2021 - MBIE is calling for industry feedback on the country’s four financial dispute resolution schemes after inconsistencies identified.
A KiwiSaver's pandemic panic
21 April 2021 - A recent complaint investigated by Financial Services Complaints Limited (FSCL) has highlighted the need for personal finance advice before making hasty decisions around changing KiwiSaver fund types.
Disclosure warning as new regulations come into effect
18 March 2021 - Insurance advisers are being warned to clearly disclose all fees and charges after one broker was caught adding $34,000 of additional charges to a client’s policies over a period of three years.
Title fight: FSCL vs Ombudsman drags on
12 March 2021 - A long running dispute has been extended, as the fight for FSCL to acquire the “ombudsman” title must be re-assessed following a High Court ruling.
Complaint levels show health of industry and market
14 January 2021 - The levels of resolved client complaints against financial service providers show that systems are working, but this could change with the tide of the markets, says Murray Weatherston.
FSCL warns investors to beware of cryptocurrency scams
13 January 2021 - A recent complaint regarding Bitcoin has highlighted the growth of investment scams involving cryptocurrency.
Complaints are growing but that is good news says FSCL
29 December 2020 - Dispute resolution scheme Financial Services Complaints Limited (FSCL) says that the rise in complaints seen this year shows the robustness of the industry.
New board member announced at FSCL
3 November 2020 - Financial Services Complaints Limited has announced a new appointment to its board.
FSCL says client complaint a non-disclosure warning
17 August 2020 - A client who complained her adviser had not told her she would need to provide financial statements if she wanted to claim against her trauma policies took her complaint to FSCL.
FSCL told: Plan for succession, hold on to financial reserves
5 June 2020 - FSCL’s chief executive Susan Taylor has been identified as the scheme’s biggest risk – and biggest strength, in an independent review.
FSCL's 'allegations against a very senior parliamentary officer'
2 June 2020 - Financial Services Complaints Ltd (FSCL) has been dealt another blow in its long-running battle to call itself an ombudsman scheme.
FSCL: Keep in touch with clients
13 May 2020 - A small lift in complaints about advisers has prompted a reminder for advisers to keep in touch with clients.
FSCL reports email breach
8 May 2020 - A “malicious third party” has gained access to Financial Services Complaints Ltd (FSCL)’s email database and sent phishing emails to complainants.
Woman 'forgotten' during advice process
9 March 2020 - A woman who says her insurance adviser was so focused on her husband during the advice process that he failed to adequately consider her situation was unsuccessful in her complaint to Financial Services Complaints Ltd (FSCL).
Share windfall disappoints
18 November 2019 - A woman who was expecting $1 million from the sale of shares and instead only received $24,000 took a complaint about the trustee responsible for the sale to FSCL.
FSCL loses ombudsman fight
1 November 2019 - FSCL says it was “extremely disappointed” to have been unsuccessful in its attempt to use the word ombudsman in the scheme name.
Trevor Slater rejoins FDRS
24 October 2019 - Mediation expert Trevor Slater is returning to Financial Dispute Resolution Service (FDRS) in a different role.
Adviser ordered to pay $1,000 after 'dragging heels'
13 September 2019 - A client who said his insurance adviser took too long to arrange redundancy cover for him has taken his complaint to FSCL.
EDRs want advisers to spread word
29 May 2019 - Advisers are being told they need to help their clients better understand the processes available to help them when problems arise.
Investor complains about waived fee
24 April 2019 - An investor who was offered the opportunity to move his money without paying fund entry fees was so upset that he took his complaint to an external dispute resolution scheme.
[The Wrap] Feel good week; Celebrating success in financial services
1 September 2018 - Looking back over the past week there's a lot of good things to celebrate. Here's my wrap on the week that was.
Advisers query EDR notice periods
29 August 2018 - Advisers shifting dispute scheme have been surprised to discover that, in many cases, they have to give a full year’s notice, but one provider says it gives protection to consumers.
FSCL warns: Roboadvice creates non-disclosure risk
27 June 2018 - Allowing personal insurance products to be delivered via roboadvice opens New Zealanders up to greater risk of having their claims rejected because of non-disclosure, a dispute resolution service says.
Advisers follow Slater to new EDR
22 May 2018 - Adviser groups are switching their dispute resolution schemes, following industry stalwart Trevor Slater.
New chair for FSCL
3 April 2018 - Kenneth Johnston's replacement has been appointed.
Adviser pays $30k after relationship 'breaks down'
3 April 2018 - An insurance adviser has agreed to pay his former client $30,000 after he mistakenly told him that a trauma insurance claim he wanted to submit would not be paid.
Appeal Court sides with FSCL
12 March 2018 - Advisers could soon have another ombudsman to choose to work with.
Law review terms released
6 March 2018 - How insurers deal with unintentional non-disclosure is likely to be a significant aspect of the review of New Zealand’s contract law.
Dispute schemes: Fees are fair
12 February 2018 - Advisers are being told worries about their membership fees "subsidising" dispute schemes' other work are unfounded.
New disclosure requirement could backfire
12 September 2017 - External disputes resolution schemes are worried that a new obligation requiring them to notify the Financial Markets Authority when they believe a law has been broken could lead to financial services providers being less willing to acknowledge their mistakes.
Industry demands details
23 August 2017 - The financial advice sector has been left puzzled by the role of nominated representatives in the new financial advice regime, how they will work for Financial Advice Providers, and how consumers might complain about them, should they need to.
Advisers should be whistle-blowers
27 July 2017 - Advisers are blowing the whistle on each other – and industry commentators say that’s to be encouraged.
Adviser complaints up 70pc
26 July 2017 - A jump in the number of complaints about financial advisers has prompted Financial Services Complaints Ltd to warn advisers to take care with their record-keeping and communication with clients.
Slater to return to dispute resolutions
24 July 2017 - Trevor Slater is leaving IDS to take up a new role with one of the disputes resolution providers.
FSCL to appeal court ruling
16 May 2017 - Financial Services Complaints Ltd is set to appeal a decision not to allow it to call itself an ombudsman.
FSCL: New rules could help non-disclosure problems
2 March 2017 - External disputes resolution providers say non-disclosure is a big issue for the New Zealand insurance industry, and advisers could be doing more to help.
Growth fund that shrank prompts client complaint
18 November 2016 - An investor who put $8000 in a growth portfolio for his son, only to find that the balance had dropped to $7000 when he tried to access it 20 years later, has complained about the advice he received.
Clients complain about churn
1 November 2016 - Advisers are dobbing in other advisers they suspect have been inappropriately replacing insurance policies.
Holm joins FSCL board
14 September 2016 - Personal finance journalist and author Mary Holm will join the board of disputes resolution service Financial Services Complaints Ltd from 1 October. FSCL...
FSCL members split on court bid
9 May 2016 - [UPDATED] FSCL might serve its members better by cutting their membership fees, rather than funding a court bid to calls itself an ombudsman, it has been suggested.
FSCL mum on court bid funding
6 May 2016 - Financial Services Complaints Ltd (FSCL) will not reveal how it is funding a court stoush with the Chief Ombudsman.
Spike in adviser complaints: FSCL
3 November 2015 - Complaints about insurance brokers to disputes resolution scheme Financial Services Complaints Ltd (FSCL) have doubled over the past year.
Little agreement on merits of multiple schemes
28 October 2015 - Whether having multiple dispute resolution schemes brings down participants' costs or not is up for debate among submitters to the Financial Advisers Act review issues paper.
FSCL takes issue with ISO name
7 October 2015 - Financial Services Complaints Ltd (FSCL) is not ruling out taking legal action over the Insurance and Savings Ombudsman’s name change.
Slater steps down
14 August 2015 - Financial Services Complaints Ltd (FSCL) general manager Trevor Slater has announced he is leaving his role.
Does financial services industry need four disputes schemes?
8 June 2015 - The chief executive of one of the country’s financial services external disputes resolution services is not worried that the Financial Advisers Act review issues paper seems to be taking aim at them.
Ministry needs to better understand disputes schemes: FSCL
19 May 2015 - If financial advisers think that disputes about their work are going to go away and the four external resolution schemes will disappear, then they are mistaken.