What complaints can FDR consider? The full list is here, or for more information, see the FDR FAQ page
FDR can consider a complaint if:
- the complaint is about a scheme member, or, if the financial service provider is no longer a member of FDR, the complaint is about an event that happened while the financial service provider was a scheme member
- the complaint relates to an alleged breach of a contract, a statutory obligation, an industry code, or any other legal obligation or to an unfair practice (but need not be stated in this way in the complaint).
- the complaint is from a person or organisation (defined as having fewer than 20 full-time equivalent employees) that has received, or has been refused access to, the financial service complained about.
- the consumer is a retail client (not a wholesale one).
What isn't covered?
- The performance of financial investments.
- A scheme member’s fees, unless there is a dispute about how they have been applied.
- The scheme member’s general policies and practices, although a complaint can be made about how these policies were applied or administered.
- The maximum compensation than can be awarded is $200,000. Complaints can be brought to FDR that involve more than $200,000, but the maximum compensation that FDR can award still applies.
- FDR cannot consider a complaint that has been made in another forum; a complaint that has already been considered by FDR; if a complaint where a reasonable settlement offer has already been made, or if FDR decides the complaint is frivolous or vexatious.