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A DRS deals with customer complaints or disputes with their FSP. All DRSs have rules about their complaints process, what you have to do and the kinds of complaints they deal with.
Only individual customers of an FSP or small organisations with 19 or fewer full-time equivalent employees can take a complaint to your DRS. It's free for them to do this, but they must take their complaint to you first.
Most financial service providers who provide a service to retail clients must belong to an approved DRS. A retail client is anyone who is not a wholesale client under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
Some financial service providers are covered by their employer’s scheme. If you change employers check that your DRS membership details are up to date on the Financial Service Providers Register (FSPR).
You don't need to join a DRS if you:
There are 4 schemes approved by Consumer Protection to provide financial dispute resolution services. They are:
You'll be invoiced by the DRS you join for the fees they charge.