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SOCAP CONFERENCE 27 – 29 OCTOBER 2004 Alison Maynard Chief Executive

SOCAP CONFERENCE 27 – 29 OCTOBER 2004 Alison Maynard Chief Executive. INTRODUCTION. Case Trends What’s new? Issues for FICS. NEW COMPLAINTS AND ENQUIRIES. Telephone Enquiries 2004 1/1-30/9/04 Total 5,757 New Complaints (moved to Case Manager)

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SOCAP CONFERENCE 27 – 29 OCTOBER 2004 Alison Maynard Chief Executive

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  1. SOCAP CONFERENCE 27 – 29 OCTOBER 2004 Alison Maynard Chief Executive

  2. INTRODUCTION • Case Trends • What’s new? • Issues for FICS

  3. NEW COMPLAINTS AND ENQUIRIES Telephone Enquiries 2004 1/1-30/9/04 Total 5,757 New Complaints (moved to Case Manager) 2002 2003 1/1 -30/9/2004 Life Insurance 520 441 371 Financial Planning 257 419 226 Stockbroking 135 95 47 Managed Investments 61 83 98 Total 973 1038 742

  4. TOP CATEGORIES OF PREDOMINANT COMPLAINT 01/01/04 – 30/09/04 01/01-30/03 01/04-30/06/04 01/07–30/09/04 Insurance Denial of Claim 58.3% 68.7% 61.9% Standard of Service 14.6% 10.0% 11.0% Misrepresentation 8.7% - 9.3% Policy Terms & Conditions - 6.7% 10.2% Financial Planning Inappropriate Advice 49.3% 59.0% 59.2% Standard of Service 25.4% 15.7% 14.5% Misrepresentation 10.4% 10.8% - Non-disclosure –fees/charges - 10.8% 13.2%

  5. TOP CATEGORIES OF PREDOMINANT COMPLAINT 01/01/04 – 30/09/04 01/01-30/03 01/04-30/06/04 1/7-30/09/04 Stockbroking Standard of Service 38.5% 19.0% 23.1% Inappropriate Advice 23.1% 52.4% 46.2% Share Transaction 38.5% 23.8% 23.1% Misunderstanding Managed Investments Standard of Service 12.8% 47.9% 18.2% Inappropriate Advice 17.9% 20.8% 36.4% Misrepresentation 66.7% 18.8% 36.4%

  6. COMPLAINT OUTCOMES 01/01/04 – 30/09/04 In favour In favour Outside Withdrawn Conciliation Resolved of Member of Cmplnt Jurisdiction Conference Member Agreement Insurance 35.2% 41.2% 6.3% 9.5% 0.9% 6.9% Financial Planning 27.7% 47.8% 5.9% 10.7% 1.6% 6.3% Stockbroking 33.3% 51.1% 3.3% 7.8% nil 4.4% Managed Investments 22.2% 31.8% 11.1% 9.5% 4.8% 20.6%

  7. WHAT’S NEW? • Formal conciliation process • Rules Review • IDR Training for Members

  8. NUMBER AND DIVERSITY OF MEMBERS • 1991 – 30 Members • 2004 – 2,500 Members • Large Life Insurer • Single Financial Planner

  9. ISSUES AT FICS • Compliance with Rules and responses by some Members poor • Some argumentative Members (including legal action) • Some Members have poor internal and external dispute resolution skills • Difficulties with suitability of monetary limits • Educating large numbers of diverse Members

  10. TACKLING THE ISSUES • Bulletins • Member Information Seminars • Work with Industry Associations • Reviewing Rules • Tightening Constitution • Focus on individual difficult Members

  11. SYSTEMIC ISSUES • Obligation to identify, record and report • Can resolve with Member without reporting to ASIC • Anonymous reporting in this circumstance.

  12. ISSUES RE SYSTEMIC ISSUES • How far can FICS go in investigating an issue? • Do we take a Member’s ‘word’ for it? • Changing focus to Member conduct • Is IDR being performed properly? • Are they cooperating with the Service?

  13. ASIC NOTICES • What happens now? • Increased use in future

  14. CONCLUSION • There is no going back • There are challenges for FICS • FICS specific • EDR cooperative environment • Relationship with regulator • We are making progress.

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