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Financial Co-operative Dispute Resolution Scheme What is the Financial Co-operative Dispute Resolution Scheme (FCDRS)? 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. One of the key benefits of the FCDRS is that it provides a means of settling disputes without the need to involve the legal profession, and to avoid the costs associated with any legal action. The Dispute Resolution Scheme is free of charge to the customer who is making an enquiry or wishes to lodge a dispute application. While the Scheme has broad coverage, there are limits to the types of disputes it covers. Reference to the section Who and what does the Scheme cover? will assist you in establishing whether your current dispute falls within the Scheme. Click here for details. The Ombudsman's decision is binding on the participant, but is not binding on the customer who lodges the dispute. This means that the customer is not bound to accept the Ombudsman's decision, and can take legal action in relation to the matter after the Ombudsman has made a decision. The FCDRS is limited to handling disputes between participants and retail clients up to the value of $280,000. The phrase "retail clients" includes you if you are a customer or a small business. If you wish to check if your financial institution is a participant of the Scheme go to the section Who and what does the Scheme cover?. Click here for details. For those who require the assistance of an interpreter, please contact the Ombudsman's office. Click here for details. For detailed information about the Scheme, consult the Terms of Reference. To access other ASIC-approved
dispute resolution schemes, please refer to the Links page. |
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[ What is FCDRS ] [ News ] [ Who does the scheme cover ] [ How to register a dispute ] [ Who is the Ombudsman ] © 2008 Copyright FCDRS |
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