The Financial Industry Complaints Service (FICS) has launched a new alternative conciliation system and appointed two full-time panel chairs in response to a jump in the number of disputes brought before the arbitrator.
Chief executive officer Alison Maynard says the new conciliation conference system will be fully operational by the end of the year.
“A conciliation conferences provide a speedy resolution and offer an alternative to the formal determination process of the FICS panel or adjudicator,” Maynard says.
According to Maynard, FICS has experienced a 31 per cent increase in membership over the past 12 months and this has necessitated the enhancement of the organisations capabilities.
The roll-out of the new alternative system is hoping to reduce the complaints escalating to the FICS panel, although the group has nonetheless decided to appoint two full-time panel chairs, with Michael Arnold and Michael Croyle taking on the roles.
Both Arnold and Croyle have experience in dispute resolution, with the pair holding past tenures with the Accident Compensation Tribunal and the General Insurance Enquires and Complaints Scheme.
Last year FICS dealt with 9,519 telephone enquiries and complaints and received 1,038 new written complaints.
In further response to the increased inflows, FICS is embarking on a series of member information seminars which will be run alongside a program to assist members in managing their first complaint before the organisation.
