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Complaints
The FAAA can deal with complaints about itself and its members only. Find out how a complaint against an FAAA member can be reported and what the investigative process entails.
FAAA members agree to be bound by various professional and ethical standards set out in the FAAA Professional Code. These standards reflect the commitment of members of the FAAA to meet a high standard of professional conduct, providing a quality of service which achieves credibility among, and the confidence of, the public and the business community. To ensure all members uphold these standards, the FAAA has a formal process which enables complaints about members to be heard, evaluated and, where appropriate, disciplinary action to be taken. The FAAA does not have the jurisdiction to award compensation to consumers.
Raising your concerns and making a complaint
Depending on whether you think you have lost money because of advice you received, there are different routes through which concerns can be raised. Our fact sheet for consumers provides more information on this, but if you would like to discuss please feel free to email professionalism@faaa.au and we will arrange a time to speak to you.
How complaints are dealt with
Complaints against FAAA members are governed by the FPA Disciplinary Regulations (2019). Once a complaint is initiated, investigated and presented for hearing, the Chair (or Deputy Chair) of the Conduct Review Commission (CRC) decides the outcome of the complaint. The CRC is an independent decision-making body removed from the FAAA. The outcomes that can be reached include dismissal of the complaint, classification of the complaint as a minor instance of unsatisfactory conduct or progression to a full hearing where sanctions may be imposed.
How to make a complaint
The FAAA can deal with complaints about itself and its members only. FAAA members agree to be bound by various professional and ethical standards set out in the FAAA Professional Code. These standards reflect the commitment of members of the FAAA to meet a high standard of professional conduct; providing a quality of service which achieves credibility among, and the confidence of, the public and the business community. To ensure all members uphold these standards, the FAAA has a formal process which enables complaints about members to be heard, evaluated and, where appropriate, disciplinary action to be taken.
Consumers looking to making a complaint to the FAAA, can do so by completing the online FAAA Complaint Form.
FAQs
The FAAA can assist in the following situations:
- You have a complaint about the advice you received from your financial planner who is a member of the FAAA.
- You have a complaint about the conduct of a financial planner in their dealings with you.
- You wish to inform the FAAA about the general conduct of an FAAA member.
- You require general guidance on how to approach a potential complaint, either with the FAAA or with the Australian Financial Complaints Authority (AFCA).
- You require clarification about the conduct of a financial planner or need to query whether or not conduct is acceptable under the FAAA Professional Code.
The FAAA will be unable to assist you in the following circumstances:
- Where the substantial basis of your complaint is a commercial dispute;
- Where your complaint is made 3 years after the relevant conduct took place;
- You are seeking compensation for a loss you have suffered as a result of poor financial advice;
- Where the financial planner is not a member of the FAAA.
If any of these instances apply, the FAAA can assist you in directing your complaint to the appropriate disciplinary or compensatory body.
You may be required to provide or take part in the following as part of the complaint process:
- Provide copies of documents or records;
- Provide written statements about conduct of the member;
- Participate in an interview by the FAAA;
- Appear at a disciplinary hearing; and/or
- Provide any other details the FAAA determine as relevant to the investigation.
A complainant will be entitled to receive information regarding the status of the complaint, investigation and any disciplinary proceedings arising out of the complaint. If a breach is proven, a complainant will be notified as soon as practicable.
The notification will be limited to specific findings and an overview of any sanction imposed. Any information shared with the complainant regarding the proceedings must be kept confidential.
The FAAA is not a compensatory scheme or body. Therefore, it does not offer financial compensation for consumers. The FAAA can assist you in directing your complaint to the appropriate disciplinary or compensatory body.
The FAAA receives and investigates complaints against individual members of the FAAA. Since July 2011 the FAAA (formerly the FPA) has had no binding authority over financial planning licensees to enforce the FAAA Professional Code.
Any questions?
Please email or call our Professional Standards team directly on 02 9220 4518.
