Benefits of membership

Fair and well-balanced financial dispute resolution

We aim to help scheme participants and their customers resolve complaints as opposed to only making adversarial binding adjudications. Resolving complaints helps to meet both parties’ needs and restore and maintain the customer relationship. In cases where this is not possible, FSCL has the ability to make binding formal determinations.

We can provide advice and guidance to scheme participants on resolving complaints before they escalate to FSCL, or a Court, through our internal complaint process manual and workshops. The manual is provided free to all participants and workshops are run on a cost recovery basis (except structured CPD accredited workshops). We also have a “give us a call” service where a scheme participant can call one of our team to discuss a complaint and receive advice and tips on how to resolve it. This is a free service and has resulted in many complaints being resolved early and without having to be escalated to a formal complaint.

Why join FSCL?

The benefits of membership are:

  • Confidence in the process—FSCL is staffed by experienced and professional dispute resolution experts and operates a modern case management system. The CEO can efficiently deal with most disputes that require a decision. If it is required, the Panel process allows expert industry and consumer input. 
  • Confidence in the personnel—Our staff members have the required skills and backgrounds in the financial sector. Our governance and management is independent and not aligned with any industry group. All complaints are investigated confidentially.
  • Competitive fees – FSCL has a very competitive fee structure and aims to keep annual fees as low as possible. As FSCL is not for profit any operating surpluses (after retention of reserves) are applied to reduce participants’ fees in future years.
  • Early settlement where possible—We resolve complaints early using negotiation and conciliation to promote agreeable and timely outcomes.
  • Preventing complaints from becoming disputes—FSCL participants will receive the FSCL internal complaints process manual and access to support in establishing internal processes and skills training.
  • Your customers will have access to FSCL—Participants will be able to promote their FSCL scheme membership as a service to customers. Your customers will have access to the FSCL scheme in the event that you are unable to resolve a complaint.
  • Meet FSP Act compliance—Participation in the scheme ensures you comply with the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
  • Manual meets code requirements—For advisers, the internal complaints process manual will meet the requirements for the Code of Professional Conduct for Authorised Financial Advisers.

The application forms can be downloaded here, signed and sent to us by email to info@fscl.org.nz or by post to P O Box 5967, Wellington 6145.