Finished Work Fellowship believes that salvation is by grace alone, through faith alone, in Christ alone. "For by grace you have been saved through faith; and that not of yourselves, it is the gift of God; not as a result of works, so that no one may boast." (Ephesians 2:8-9)
Dispensations are specific arrangements through which God has been working with His creation throughout history.
For example, there was a dispensation under which God gave His special covenant people, Israel, the Law of Moses. In the future there will be a dispensation under which Messiah will rule His earthly kingdom.
The Apostle Paul received the Dispensation of the Grace of God to present its principles to us for this time in human history. Featured in this administration is the revelation of the mystery (Ephesians 3:1-10), a body of truth previously hidden by God until revealed to Paul by Christ from the heavenlies.