3 Jan 2011

New avenue of complaint for unhappy investors

9:30 pm on 3 January 2011

A financial disputes resolution service says unhappy investors can now complain to an independent body about dodgy financial advisers or providers.

Providers had until 1 December to register with the Securities Commission; advisers have until 31 March.

All of them also have to nominate an independent dispute resolution service that their customers can complain to.

The manager of Financial Dispute Resolution, Stuart Ayres, says the new regime will give consumers confidence in a sector that has until now been largely unregulated.

He says it will also benefit advisers and providers who have been maligned unnecessarily by dishonest or incompetent ones.