If you’re not happy with your adviser’s service, you should contact their independent dispute resolution scheme. You’ll find details of the scheme in your adviser’s disclosure documents or on the Financial Service Providers Register.
If you have a complaint, use the dispute resolution scheme to get advice on how to complain effectively directly to your adviser. If you cannot resolve the issue directly, the dispute resolution scheme has powers to resolve complaints, at no cost to you. They can award compensation of up to $200,000 for claims that are upheld.
Complaints investigated by dispute resolution schemes against advisers include:
a fall in the value of insurance claims paid out. This happens, for example, because cover under new policy is different and the adviser has not explained this, or not explained it clearly
misleading information or inappropriate advice. For example, not explaining the importance of disclosing pre-existing medical conditions
non-disclosure of fees
suitability of the products for the consumer’s needs. For example, advising a conservative investor to invest money in a high-risk investment.
Note, if you’re a wholesale investor, you won’t have access to an external dispute resolutions service.
Complaints to the FMA
We monitor complaints about the behaviour of financial advisers but we don’t deal with individual disputes. For details about our complaints process, please go to our make a complaint page.