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What's DRS?
What's DRS?
A dispute resolution scheme (or DRS) deals with customer complaints or disputes with their FSP. Unless an exemption applies, all FSPs providing financial services to retail clients must belong to a DRS. Read more HERE
There are 4 schemes approved by Consumer Protection to provide financial dispute resolution services. They are:
Banking Ombudsman (BOS)
Insurance and Financial Services Ombudsman (IFSO)
Financial Services Complaints Limited (FSCL) — a Financial Ombudsman Service
Financial Dispute Resolution Service (FDR) - FairWay Resolution Limited
Note: TAP has a Group Scheme with Fairway (FDRS) that we can add Advisers to
What's FDRS?
What's FDRS?
The Financial Dispute Resolution Service is one of the 4 schemes approved by Consumer Protection to provide financial dispute resolution services.
They are an independent dispute resolution service that is free for consumers. They work as the mediator between a consumer and a FAP to help them to reach agreement on consumer complaint.
If that is not possible, they make a decision on the complaint Website Link: https://fdrs.org.nz/
To join FDRS, you can either contact them directly
or
TAP has a Group Scheme with Fairway (FDRS) that we can add Advisers to
Current TAP Pricing (FDRS)
Current TAP Pricing (FDRS)
$190 +GST per annum per adviser (2025/2026)
(Pro-rata pricing available)
Please contact TAP team for more info
If you're going through the process of registering your FAP, you would need to join a Dispute Resolution Scheme (DRS) once your FAP is registered. You can join either one of the 4 DRS scheme's listed above by contacting them directly.
or
TAP has a Group Scheme with Fairway (FDRS) that we are happy to add you to if you’d like.
The Add on costs would be $190 +GST per annum per adviser (2024/2025) - (Pro-rata pricing available)
To join TAP's FDRS scheme and get a quote, contact one of TAP's advisers or email info@tapnz.co.nz
Want to add new Adviser to your FDRS?
Want to add new Adviser to your FDRS?
Please confirm with us if the New Adviser is currently a member of any DRS Scheme?
If No, please provide the below details:
Name:
Adviser FSP Number:
Will they be covered under your DRS membership?
Are you paying their individual membership?
Category? Financial Adviser or Nominated Representative
OR
If Yes, please confirm:
Which DRS are they currently a member of? If this is with Fairway, we can get them aligned to our group if you can confirm their Member Number and whether they have paid upfront for the year?
If this is not with Fairway, we are able to provide you with the Application to swap to Fairway.
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