Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Use the Financial Services Complaints System at First Sign

28 November 2012

Use the Financial Services Complaints System at First Sign of Trouble

New investments made over the last six months into failed Ross Asset Management might have been saved if existing investors had immediately made a complaint when they first became concerned about the security of their money.

“After the initial complaints had been received, we became aware that some investors had been concerned some months earlier about their Ross Asset Management investments, but had not immediately used the independent external dispute resolution scheme available to them,” Financial Services Complaints Limited (FSCL) chief executive Susan Taylor said.

FSCL is the dispute resolution scheme on behalf of Ross Asset Management. FSCL alerted the Financial Markets Authority as soon as it became aware of problems within Ross Asset Management.

“The financial services regulations, which came into force in December 2010, require all businesses in the financial services market to be part of an external dispute resolution scheme. These compliance regulations were introduced to help identify and resolve problems arising with investments”.

Ms Taylor said that the moment people who have concerns or problems with their financial adviser or investment manager, they should complain to the adviser’s or manager’s dispute resolution scheme, such as FSCL.

“The sooner a complaint is received, the sooner action can be taken. If the scheme sees that a systemic issue exists, the regulatory authorities can be alerted and the appropriate action taken, as has been the case with Ross Asset Management.

Ms Taylor said further lessons to be learned so far are:

• Select your fund manager with care. Check to see that the manager is audited or otherwise accountable. Be wary of secret systems or a reluctance to disclose past performance.

• Look into the size of the operation. One man fund managers will fail if the man/woman fails, whether through temptation or ill health. A professional management team with mutual oversight and clear succession is far preferable.

• Insist that the investments be in your name, and able to be seen on the public register of holders. Sometimes a fund manager will use a nominee company to aggregate interests. It is preferable that any nominee be independent of the manager.


Ends


ABOUT FINANCIAL SERVICE COMPLAINTS LTD


Financial Services Complaints Ltd (FSCL) is an approved dispute resolution scheme under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. FSCL investigates and resolves consumer complaints made against any of its 5,000 participants, including financial advisers, insurance advisers, finance companies, insurance companies, credit unions, trustee companies and card issuers.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news