Frequently Asked Questions.

Does Financial Rescue provide legal advice?

Financial Rescue is not a legal service and we do not provide legal advice. Financial Rescue can refer you to a solicitor if required.

Does Financial Rescue provide financial advice?

Financial Rescue is not a financial planning service and we do not provide financial advice.

Do I need to use Financial Rescue to lodge a dispute?

No, you do not need to use Financial Rescue to lodge or manage an internal dispute, or a complaint with AFCA. However if you are overwhelmed by the often complex process, or need assistance in calculating your losses, our service is available.

What are the costs of lodging a dispute with AFCA or my Financial Advisor?

External dispute resolution schemes such as AFCA are free for consumers to access and utilise if you were to lodge a dispute yourself. However, if you require assistance, Financial Rescue are here to help. Our fee’s are charged on a No-Win, No-Fee basis.

Is there a time limit on when a case can be lodged?

Yes, you must lodge your dispute within 6 years of the date when the complainant first became aware (or should reasonably have become aware), that they suffered a financial loss

What is the likelihood my case will be successful?

Financial Rescue may express an opinion on the likelihood of a (dispute) resolution in your favour, however, we do not guarantee your dispute will be successful. We recommend that you do not arrange your affairs assuming a successful outcome.

How long does it take for a dispute to be resolved?

The time frame for resolving a dispute varies and can be anywhere between 6 months and 3 years.

Is there a limit on how much I can be compensated?

Dispute resolutions have a maximum claim of $1 million, with a maximum of $542,500 granted back. If the amounts to be claimed are in excess of this, then the case must be referred to the courts as a legal dispute.

Does it matter if the person who gave me advice isn’t licensed?

Financial Rescue can only assist you if you received advice from a licensed financial planner. However, a new service is available, called the Compensation Scheme of Last Resort. This new resource will assist those who have been left without options for compensation when a financial firm becomes insolvent.

I am a Financial industry professional, with a new client who has been impacted, how can I help?

Financial planners are a regular source of referrals for Financial Rescue. Sometimes financial planners identify inappropriate advice and then refer their client to Financial Rescue to assess and manage any claim. If you have a referral or wish to discuss a financially distressed client that you have come across, please call us on 1300 095561.

I am a Financial Advisor, why is Financial Rescue Requesting a client file?

Where we have the full file including file notes we are able to make an assessment and advise our client early if there is a reasonable basis for a claim or not. Supplying documents quickly can enable us to advise you more quickly if there is likely to be a claim. The Corporations Act requires that clients be able to obtain a copy of their documents so delaying the process simply increases everyone’s frustration level and makes an amicable outcome less likely.

Our aim is to help the financial planning profession by assisting to repair the damage done by rogue financial planners and ensuring that instances of bad financial advice do not recur. Our process also helps people who have lost money understand why it may mot have been a result of bad financial advice.