A legal challenge in 2004 that left the Financial Industry Complaint Service (FICS) with a large legal bill over a decision it made in relation to a member’s behaviour has led the external dispute resolution body to change its rules.

Changes which are still in draft form mean members will have a “very limited right” to contest external dispute resolution rulings for specific cases.

FICS CEO Alison Maynard told Sunrise Exchange News the change to the rules centre around procedural fairness. “This would come into play if there’s been a clerical error or fraud and a number of other factors.

“If a party hasn’t been given the opportunity to present evidence, or hasn’t seen some evidence that’s been presented by another party… then this rule would come in.

“Similarly, if FICS had somehow erred in its processes we would want the opportunity to look at the dispute again without having to take it through the courts,” Ms Maynard said.