Announcement about "Financial Dispute Resolution"

It is now only 1 month until the scheduled dis establishment of the reserve scheme. You will automatically become a member of the approved scheme, also to be called Financial Dispute Resolution,  with all the existing membership entitlements and jurisdiction of the reserve scheme. That means it is “business as usual” to make for a seamless and hassle free transition for members.

FairWay is to acquire the intellectual property of the reserve scheme on dis establishment of the reserve scheme and will name the approved scheme Financial Dispute Resolution. You automatically become a member of the approved scheme with all the existing membership entitlements and jurisdiction of the reserve scheme, so that it is “business as usual” to make for a seamless and hassle free transition for members. That is, you are a member of the approved scheme by exception unless you advise us otherwise.

There will be no need for members to change complaints management and dispute resolution references in disclosure and complaints procedure documents, promotional material or websites, and members and their customers will not need to adjust to new Rules, processes and jurisdiction. Many will have to adjust to reduced fees and improved invoicing however!

The approved scheme will be known as Financial Dispute Resolution but will continue to use the acronym “fdr” in its web and email addresses for the time being. However you will notice more frequent use of “Financial Dispute Resolution” in our communications to avoid confusion with the new Family Dispute Resolution service recently launched by the Ministry of Justice, which has called itself  “FDR” – (the acronym is in legislation).

You may have seen quite a lot of reference to “FDR” in the media recently. This has not been about Financial Dispute Resolution. Rather it has been about the Family Dispute Resolution service. Your financial dispute resolution scheme’s jurisdiction has not extended to include family justice!

Stand by for further communications shortly advising you about the approved scheme’s fees, rules and benefits of membership from 1 July 2014.

Meantime if you have any questions at all, please call any of the team at 0508 337 337 and keep an eye on our website.