$100k payout for adviser complaint

The dispute resolution scheme mostly covers providers in the insurance and consumer finance industries and had a 100% increase in complaints in the first half of the current financial year, compared to the same period the year before.

Chief executive Susan Taylor said part of the reason for the rise was an increase in consumer awareness.

Forty per cent of FSCL complaints are about insurance.

Taylor said the insurance broker complaints related to things such as an adviser not disclosing their fees, or offering negligent or inappropriate advice.