Disputes resolution body the Financial Industry Complaints Service (FICS) is in the Federal Court today seeking a hearing regarding its ability to deal with complaints against financial advisers involved in the collapse of WA property group Westpoint.

CEO Alison Maynard says FICS has had about 240 complaints from consumers regarding Westpoint, but they may be delayed because some planners argue that FICS should not handle the complaints.

“A number of the affected licensees have argued that promissory notes are not financial products as defined in the Corporations Act,” she said.

Ms Maynard says one adviser’s move to take the argument to court prompted FICS to act to prevent delays.

“One licensee refused to accept a ruling by a FICS panel that FICS can deal with the complaints, and threatened to issue legal proceedings,” she said. “The arguments about our ability to handle these cases were delaying a large number of Westpoint complaints.”