Financial Services Complaints cuts participant fees by 20 percent

Growth and efficiency has enabled Financial Services Complaints Limited (FSCL) to once again offer participants a significant annual fee reduction.

Chief Executive Officer Susan Taylor said the 20% fee reduction for the 2016/17 year was made possible by an operational cash surplus achieved from the continued growth in FSCL’s membership and the efficient operation of the scheme.

“This is the fourth year in a row we’ve been able to offer a fee reduction to most participants. As a not-for-profit, we only charge participants the cost of providing our services to them – no more. Any surpluses are returned to participants by way of a fee reduction the following year.” said Ms Taylor.

“The latest reduction means individual advisers can be part of the largest dispute resolution scheme in the industry for less than $250 a year. Being able to offer clients access to a free, independent dispute resolution service is not only a legal requirement but a great marketing tool.”

Ms Taylor said that FSCL looked to add value to the services its participants offered their customers.

“We offer free training workshops, and webinars, sharing our experience in complaints investigation and resolution to help participants avoid complaints and ensure they comply with the law.”