FSCL, an external disputes resolution scheme serving the financial services sector, said it was dropping its fees by 20% for the 2016/2017 year.

It has 6575 members.

Chief executive Susan Taylor said an individual adviser would have their fee cut from $269.57 to $215.65 per year, excluding GST.

"Advisers who are part of a large firm/QFE may pay less than this."

She said the cut was made possible by an operational cash surplus achieved from the continued growth in FSCL’s membership and the efficient operation of the scheme.

“This is the fourth year in a row we’ve been able to offer a fee reduction to most participants. As a not-for-profit, we only charge participants the cost of providing our services to them – no more. Any surpluses are returned to participants by way of a fee reduction the following year," she said.

“The latest reduction means individual advisers can be part of the largest dispute resolution scheme in the industry for less than $250 a year. Being able to offer clients access to a free, independent dispute resolution service is not only a legal requirement but a great marketing tool.”

Taylor said that FSCL looked to add value to the services its participants offered their customers.

“We offer free training workshops, and webinars, sharing our experience in complaints investigation and resolution to help participants avoid complaints and ensure they comply with the law.”

Providers pay another fee if a complaint is investigated against them.

FSCL is involved in a legal battle to be allowed to call itself an ombudsman, after the Insurance and Savings Ombudsman changed its name to the Insurance and Financial Services Ombudsman.