ASIC has approved the Financial Co-operative Dispute Resolution Scheme. The FCDRS is the sixth consumer complaints scheme approved by ASIC. It is the second scheme approved for credit unions, and will deal with complaints from consumers about those Australian credit unions and building societies who are members of the FCDRS. The other ASIC-approved scheme for credit unions the Credit Union Dispute Resolution Centre. Consumers can contact the FCDRS on 1300 139 220, and the CUDRC on 1300 780 808. The financial services reform legislation requires licensed financial firms to belong to an ASICapproved complaints scheme. of mouth and by attending overseas seminars held by Shayne Heffernan, an Equity-1 director. Equity-1 claims to be based in Hong Kong. However, the Hong Kong Securities and Futures Commission has advised ASIC that Equity-1 is one of a number that "disguise themselves as having operations in Hong Kong". To check (free-of-charge) if a company is licensed to operate in Australia, see www.fido.asic.gov.au.
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