While as many as 4000 investors lost up to $300 million in the Westpoint Corporation collapse, the Financial Planners Association (FPA) has only received 10 complaints about members from the investors.

FPA spokesman Jason Spits says the low total is not a reflection of how many members had complaints against them.

“We have received complaints from 10 people, not complaints about 10 members as it has been reported,” he said.

He said evidence has been collated about the members involved with the complaints and will go to a disciplinary committee for assessment. If found guilty of the complaints, the members could face fines from $5000 upwards and in extreme cases could have their membership suspended and face expulsion from the association.

Mr Spits told Sunrise Exchange News the FPA has encouraged all of its members who may have been directly or indirectly exposed to the Westpoint project to look at their paperwork and inform the FPA on their situation.

The law firm taking on the lawsuit against Westpoint, Slater and Gordon, says it has received contact from as many as 800 investors in the past six weeks and is still receiving further information from Westpoint clients.

But the body which handles complaints related to financial planners, the Financial Industry Complaints Service (FICS), has urged the investors to first consider using its free services to obtain redress.

CEO Alison Maynard says consumers can access the Melbourne-based service for no fee, and “and if they are not happy with the decision FICS makes about their complaint they still have the option of taking legal action”.

“But if legal action is commenced before a consumer contacts FICS it can make it more difficult for FICS to deal with the complaint.”