1) Check that your FSP is a participant in the FSCL scheme.
You must first check that your Financial Service Provider (FSP) is a participant in the FSCL scheme. You can do so by either contacting your Financial Service Provider or checking that their name appears on the List of Participants.
2) Contact your FSP.
All FSPs are required to have internal complaints procedures in order to participate in the FSCL scheme. Before we can consider your complaint the FSP must have been given the opportunity to resolve the complaint with you directly.
We suggest that you contact your FSP to discuss your complaint. Tell the FSP what your concerns are and how you would like them to be resolved. This is often the quickest way to resolve a dispute.
3) Lodge your Complaint with FSCL, if:
- You are unable to resolve your complaint directly with the FSP; or
- Your FSP has not resolved your complaint within 40 days of you making your complaint; or
- Your FSP told you to take your complaint to FSCL
We will investigate your complaint. It does not cost you anything for us to do this. At anytime you may choose to take your complaint away from FSCL and pursue your rights in Court, but once you have done so it can not be brought back to us.
4) FSCL investigation of your complaint
The first thing that we will do is to check that your complaint is within our jurisdiction. There are some matters that we cannot deal with as they fall outside our jurisdiction. Some matters that we may not be able to assist you with include:
- Events that occurred prior to 1 April 2010
- If you are claiming more than $200,000 compensation
- Complaints about standard fees or interest rates
To read more about what we can and cannot deal with, you may view our Terms of Reference.
5) FSCL handling of a dispute
We will work with you and your FSP to try and resolve the complaint. We act independently by not taking sides. We aim to get a fair outcome for both parties to a complaint. We communicate with both parties by telephone, email and letters.
6) Resolving disputes
Our dispute resolution method may involve negotiation, conciliation or reaching a decision. It is important that you provide us with all information relating to your complaint to help us to resolve it.
You should contact FSCL if you require:
- More detailed information about our process
- Guidance on what information to provide when making a complaint
- Assistance in making the complaint because of language difficulties or disabilities