The Financial Industry Complaints Service is opening its doors to another 419 advisers, thanks to a “recruitment drive” conducted by ASIC.

The regulator has been running a campaign to improve compliance by investment advisers, whose licence condition requires that they belong to an approved complaints resolution scheme if they give advice to consumers.

ASIC contacted more than 1500 financial advisers across Australia, with 419 indicating they will immediately sign up with FICS.

Peter Kell, Director of ASIC’s Office of Consumer Protection, said 116 advisers will be sent a final warning to immediately join the FICS scheme or face action from the regulator.