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.
Complaints regarding registration of financial service providers can also be made through the Financial Service Providers Register (FSPR), using the FSPR complaints page.
