FSCL (Financial Services Complaints Ltd.)  - an independent, non-profit organization that was established to resolve disputes between consumers and businesses providing financial services in New Zealand. In 2008 the Ministry of Consumer Affairs has approved the country's dispute resolution scheme (External Dispute Resolution Scheme), which is a mechanism for claims arising between financial market participants.

FSCL members are divided into separate categories, depending on it, and apply the payment that they make it to the organization. As for the resolution of disputes, the work here is divided into two stages. First we considered the complaint, FSCL is doing everything possible to resolve the situation in coordination with both sides. If it does not, then the FSCL makes binding decisions for the market of financial services.

Organization is willing to help, and in this moment, as the right of petition. It is often necessary for a clear range of issues related to the dispute, which further define the fair and efficient resolution of the conflict.

Cases where the FSCL refuses to consider the possibility of a complaint

  1. FSCL will not help if the violation happens by a company that is not a member of the organization.
  2. FSCL is not entitled to discuss the level of interest rates, the standard cost, etc., only if it is not a non-disclosure, misrepresentation or improper use of information about the data.
  3. FSCL does not interfere in issues related to the management of the scheme or fund as a whole.
  4. FSCL does not address the second complaint of the Applicant against the same defendant if no tangible facts or evidence is provided to start a new investigation.
  5. FSCL will not settle the dispute, which has already been considered by the court, arbitrator of the Tribunal, the competent authority of another.
  6. FSCL does not consider claims where the amount claimed is in excess of 200 thousand dollars.
  7. FSCL may refuse to consider the dispute, if it considers that a decision on it will take only another instance - the court, tribunal, etc.

FSCL may open an investigation in the following situations

  • when the contract is violated party organization
  • If non-compliance with statutory obligations found
  • when the company had violated industry codes
  • when it comes to other aspects, run by FSCL

FSCL license gives 30 points in the rating of Forex brokers.

Brokerage companies that have this license:

RoboForex
Abbott Insurance Brokers Limited
Brokerweb Management Limited
Crombie Lockwood (NZ) Limited
J P O'Neill Limited
Gould Steele & Co