Financial Services Complaints Ltd. - FSCL
What is a FSCL? How can FSCL help and which brokers are licensed Financial Services Complaints
FSCL (Financial Services Complaints Ltd.) is an independent non – profit organization that was established to resolve disputes between clients and financial services companies in New Zealand. In 2008, the country's Ministry of Consumer Affairs approved the External Dispute Resolution Scheme, which is a mechanism for dealing with claims arising between financial market participants.
fscl members are divided into separate categories, depending on this, and the amount of payment that they make to the organization is determined. As for dispute resolution, the work is divided into two stages. First, after reviewing the complaint, FSCL does its best to resolve the situation in a coordinated manner with both parties. If this does not happen, then the FSCL makes a decision that is mandatory for participants in the financial services market.
the organization is ready to help in such a moment as the correct submission of a complaint. this is often necessary for a clear range of issues raised in the dispute, which will further determine a fair and effective resolution of the conflict.
Cases when the FSCL will be denied the opportunity to consider the complaint
- fscl will not be able to help if violations are committed by a company that is not a member of the organization.
- fscl is not authorized to discuss the level of the interest rate, standard cost, etc., unless it is a question of non-disclosure, distortion or incorrect application of information about this data.
- the fscl does not interfere in matters related to the management of the scheme or the fund as a whole.
- The FSCL does not re-examine the same applicant's complaints against the same defendant unless there are substantial facts or evidence to initiate a new investigation.
- fscl will not consider a dispute that has already been considered by a court, arbitrator, tribunal, or other competent authority.
- fscl does not consider claims, where amounts exceeding 200 thousand dollars are declared.
- FSCL may refuse to consider a dispute if it considers that only another instance – a court, tribunal, etc. - can make a decision on it.
The FSCL may initiate an investigation in the following situations
- when the agreement of a member of the organization is violated
- if non-compliance with statutory obligations is detected
- when a company violated industry codes
- if it concerns other aspects that are under the jurisdiction of the FSCL
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