Financial planners will soon have the opportunity to grill decision makers at the Financial Industry Complaints Service (FICS) about their dispute resolution.
In a bid to improve understanding of the external dispute resolution scheme, FICS will hold a series of open forums starting in Sydney on February 29.
FICS members can question the complaints scheme's decision-making panel on judgement specifics, for example the application of the law and interpretation of evidence.
It is a direct reaction to a submission made by the FPA last year calling for transparency, FICS chief executive Alison Maynard told InvestorDaily.
"There's a lack of understanding among FICS members. I think that people don't really understand the panel's processes or how the panel regards the law," she said.
FPA chief executive Jo-Anne Bloch welcomed FICS' response to the association's representations.
"Improving confidence in the dispute resolution practices for financial planners would be a very good outcome for FICS, FPA members and consumers," Bloch said.
"It is critical that processes are transparent and can be understood by all parties to the complaints system."
At the first forum national panel chairman Michael Arnold and panel chairman Dick Viney will lead a discussion chaired by Trevor Slater. Maynard will also attend.
It will be held on February 29 from 2pm to 5pm at the Novotel Rockford Hotel Darling Harbour.
Members must RSVP and notify FICS of the number of the case to be discussed.
Subsequent forums will be held in each state and some regional areas.
