Advisers resolving complaints: FSCL

All financial services providers are required to be registered with an external disputes resolution service.

FSCL said the number of inquiries and complaints it received over 2013/2014 financial year was up 85% on the year before, to 3159, from 1259.

But the number of complaints it had to formally investigate was only up 24%.

Of the 202 cases that were investigated, more than half, 109, were settled soon after the investigation started, through conciliation with a FSCL staff member, or by a recommendation suggesting the participant pay compensation. Only four cases required a formal ruling.