The Financial Industry Complaints Service (FICS) is hoping to have its responsibilities and jurisdiction over matters related to the Westpoint collapse clarified once and for all.

FICS has applied to the Federal Court for a declaration regarding its ability to deal with the many complaints against financial advisers who recommended Westpoint investments.

Justice Ray Finkelstein is expected to hand down his decision in about five weeks.

CEO Alison Maynard says FICS has received more than 300 complaints relating to professional advice to invest in the now-collapsed Westpoint. However, licence holders are questioning the industry-operated complaints body’s right to investigate claims against them.

“A number of the affected licensees have questioned our jurisdiction,” she said. That’s because Westpoint dealt in ‘promissory notes’ rather than direct financial products as described in the Corporations Act.

“When one licensee moved to take the argument to the courts, FICS had to take decisive action.”

Ms Maynard says she is looking forward to the decision and hopes it will ensure affected clients don’t suffer any further delays.