FSCL: Independent Control in New Zealand

Exercising strict control over the activity of brokerage companies and dealing centers is one of the success factors for every trader. We all want to cooperate with a reliable firm, so its honesty plays the most important role. Control over financial institutions of different levels is carried out on a state and non-state basis. FSCL - a non-profit independent organization that was established in New Zealand to resolve disputes between brokers as well as other business entities and their clients.

FSCL: Independent Control in New Zealand


FSCL: Independent Control in New Zealand

  • Full name: an independent, not-for-profit organization for resolving disputes between companies and their clients in New Zealand.
  • Title at English: Financial Services Complaints Ltd.
  • Abbreviated title: FSCL.
  • Subordinate countries: New Zealand.
  • Funding: through the contributions of the participating companies.
  • Degree of trust of traders: tall.
  • Official website: www.fscl.org.nz

Since the New Zealand Ministry of Consumer Affairs approved the Dispute Resolution Scheme in 2008, a nonprofit organization has been FSCLThe Financial Services Authority, which operates independently of government controlling bodies. Its goal is to resolve disputes between financial institutions and their clients as quickly and fairly as possible.

Financing the activities of the organization is carried out by regular contributions of its members. Depending on which rank a participating company is assigned, the amount of required payments also varies. It is noteworthy that any dispute is resolved in two stages. Thus, initially FSCL solves the problem, wanting to reach a compromise point for both sides. But in the event that this does not happen (and it is quite often), a decision is made, which is binding for participants in the financial markets.

Tasks to be solved

For clients of member companies, the organization's experts can provide assistance in properly drafting a complaint and filing it. This is necessary in order to clearly define the range of relevant issues of the dispute and thereby ensure a quick resolution of the problem.

Investigation can be carried out in one of the following cases:

  • if a violation of the participant's contract is revealed;
  • if statutory obligations are not complied with;
  • If industry codes are violated, etc.

However, it is also possible to identify a list of moments when the organization refuses to resolve disputes:

  • If the company to which the complaint is directed is not a member of FSCL;
  • if the data on the individual financial conditions of the company are disputed;
  • if the claims relate to the organizational structure of the firm;
  • if a second complaint is filed without the arguments that were necessary in the initial application;
  • if the conflict in question has not been resolved by judicial or other authorities;
  • if the amounts involved exceed the $200,000 threshold;
  • if it is more appropriate to use the services of the judiciary to resolve the problem.

So, FSCL is an independent non-profit organization created by financial institutions to ensure proper control over their activities. With the help of this organization, a dispute between a company and its client can be resolved promptly. Trust traders to information from FSCLThe main purpose of the organization is to ensure the safety of investments and the legality of financial activity.

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