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Advisers follow Slater to new EDR

Adviser groups are switching their dispute resolution schemes, following industry stalwart Trevor Slater. 

Tuesday, May 22nd 2018, 6:00AM 2 Comments

by Susan Edmunds

Slater was general manager of FSCL for five years until 2015, but joined Financial Dispute Resolution Service as client service manager in 2017.

He said, since January, 100 advisers had joined the scheme.

"In the last year we have seen an overall 15% increase in member numbers with a total of 1777 as at 30 April."

Kepa and My Solutions have shifted to FDR.

Nicola Smee, of My Solutions, said she was loyal to Slater because of the support and encouragement he offered with things such as training.

Jeff Page, of Kepa, said: "We have been in discussions with FDR and we like what they have put together for our members. We are very happy to support FDR as disputes resolution scheme for our members."

Slater said FDR was in discussion with other adviser groups and was getting a positive response.

"Our team have a combination of both practical experience working within the financial industry and expertise in dispute resolution, so we know what financial advisers and their clients are looking for in a dispute resolution scheme."

He said FDR would not charge a member who switched schemes, until their 12-month notice period with their existing scheme had finished.

"We don’t have a 12-month exit clause. If an adviser is not happy with the dispute resolution services we provide and we can’t resolve their issue then they are welcome to leave."

Susan Taylor, of FSCL, said her scheme had a net gain of 200 participants in the last three months.

"That's obviously not just advisers but across all financial service providers."

She said she was not aware of any large group movements.

There could be further change once the Financial Services Legislation Amendment Bill was passed, she said, and groups decided whether to apply for a licence.

IFSO said it too had seen growth and was now at 4806 members.

Tags: disputes Financial Disputes Resolution FSCL IFSO

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Comments from our readers

On 22 May 2018 at 6:50 am Murray Weatherston said:
This article reminds me of a group of laddies facing the wall seeing who can hit the highest mark.....
100 new members
A net gain (subtext new less resignations) = 200
An unspecified rise in membership (less than the others?) but we're the biggest
In the meantime, elsewhere in the city, the financial advice reform process meanders on......
On 28 May 2018 at 10:49 am LNF said:
Read the case studies of FSCL. Read the results. Interpret the results and you will then understand the shift. My guess is FDR gain will be FSCL loss and it will escalate.

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