Financial Co-operative Dispute Resolution Scheme

The Financial Co-operative Dispute Resolution Scheme (FCDRS) is an external dispute resolution scheme, approved by the Australian Securities and Investments Commission (ASIC) according to the requirements of the Corporations Act 2001 and ASIC's Policy Statement 139 (PS 139).

The FCDRS is designed to provide an effective and independent resolution of disputes between customers and Scheme participants in relation to financial products or services provided.

Increase of jurisdictional limit to $280,000

The Terms Of Reference for FCDRS have been amended to increase the amount of compensation which can be awarded by this office from $100,000 to $280,000. This amendment will bring the FCDRS in line with other financial external dispute resolution schemes.

The increase in the limit applies to events that occur on or after 18 December 2007. It must be noted that in a dispute relating to a breach of a contract the event is the date the breach occurs. In other circumstances, such as a claim for misleading conduct leading to a financial loss, the date is the day the conduct occurs.









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Updates Available

Bulletin - Centrelink Code of Operations
 The Centrelink Code of Operations governs recovery procedures where consumers who receive social security payments by direct credit (the most common form of payment) have overdrawn their account.
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Bulletin - Garnishee Orders under the SSA Act
 This bulletin outlines the expected approach financial service providers (FSPs) should take when they receive a court order for application to an account holder who is a Centrelink recipient.
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Bulletin - Online Banking Issues
 Today's online banking environment brings with it significant problems such as the amount of fraud that continues to affect both financial service providers (FSPs) and consumers alike. To minimise risks FSPs must ensure consumers receive detailed advice of the system used by the FSP. The features, requirements and conditions should also be disclosed in the relevant Product Disclosure Statement (PDS).
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Bulletin - Systemic Issues
 The Australian Securities and Investments Commission (ASIC) Policy Statement 139 sets out guidelines the FCDRS Ombudsman must follow when dealing with systemic issues and cases of serious misconduct. According to these guidelines, there are three main obligations:
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Media Release

OMBUDSMAN URGES EARLY ACTION TO STOP MORTGAGE DEBT SPIRAL 09/03/04
If you are a homeowner having difficulty meeting your mortgage repayments because of recent interest rate rises, call your financial services provider straight away. Early intervention is the best way to stop a downward debt spiral.

New way to solve financial services disputes 09/12/03
Credit union or building society customers who believe they are being treated unfairly can now take their complaint to an independent dispute resolution scheme, the Financial Cooperative Dispute Resolution Scheme (FCDRS).

Help available with financial disputes for primary producers 09/12/03
Primary producers who believe they have been treated unfairly by their credit union or building society can take their complaint to an independent dispute resolution scheme.

FSR deadline is close for FSP external dispute schemes 09/12/03
The deadline is fast approaching for all financial service providers (FSPs) to have a licensed external dispute resolution scheme.

OMBUDSMAN WARNING ON INTERNET SCAM
22/10/2003
Counterfeit cheques drawn on a major US bank are at the centre of the latest internet scam, the Financial Co-operative Dispute Resolution Scheme (FCDRS) warned today.