Westpoint complaints flow finally stops
Alison Maynard
The Financial Industry Complaints Service (FICS) has to date received 389 written complaints related to the collapse of property group Westpoint, as well as 547 related telephone enquiries.
However, it appears the number of complaints will not progress much beyond this total, as, according to FICS executive director Alison Maynard, the flow of written complaints has now stopped.
“Up until a few weeks ago we were still receiving Westpoint complaints at the rate of one or two a week, believe it or not, but that seems to have stopped now,” she told Money Management yesterday.
A total 243 of the 389 complaints have progressed to the investigation stage, with some still pending and others eliminated for a variety of reasons, including falling outside FICS’s monetary limit.
Of the 243 complaints, there have been 42 complaints that have been settled by the relevant parties, while six have been determined by a FICS panel, the latter at a value of about $427,000.
The value of the total complaints already resolved is about $2.7 million and the value of the total complaints underway is about $11 million, she said.
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