Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is FICS?

April 26, 2017FICS

0

Posted

What is FICS?

1 Answer

0

Posted

FICS is a private company that has been established by the Financial Planning industry to handle complaints against Australian Financial Services License (AFSL) holders. Claims can only be brought against current AFSL holders and their authorised representatives. Importantly, if the entity that gave you advice has changed its name and obtained a new license, FICS will not hear your claim. This potentially effects a large number of investors. Complaints relating to amounts over $30,000 are heard by a panel comprised of a financial planning industry representative; a consumer representative and an independent member. The panel is appointed by FICS. As there is no automatic right to legal representation, investors will be required to make their own submissions about why they are entitled to compensation. Because FICS is not a court or tribunal they have no traditional enforcement powers. If a financial planner refused to comply with FICS and pay you compensation, then FICS could either 1)