About financial service providers disputes resolution
If you have a problem with a financial service provider and you are not happy with the way they handled it or the outcome, you may be able to go to a dispute resolution scheme to get the problem resolved free of charge.
If you have a problem with a financial service provider you can take your complaint to a free dispute resolution service.
You need to make a complaint to your financial service provider first. If you are not satisfied with the outcome, then you can take your complaint to one of the dispute resolution schemes.
Dispute resolution is available to any individual consumer or small organisation or small business with 19 or less full-time equivalent employees.
All financial service providers must belong to a dispute resolution scheme.
- What is a financial service provider?
- How to make a complaint about a financial service
- Which dispute resolution service should I go to?
- If my complaint can't be resolved
- Complaints about a financial adviser's conduct
- Review of Financial Service Provider Dispute Resolution
Any business or business person who deals with your money, lends you money or gives you advice about money is a financial service provider.
- financial advisers
- banks and credit unions
- money or investment managers
- lenders and credit card providers
- superannuation schemes
- foreign exchange
- finance companies
You need to make a complaint to your financial service provider first. If you are not satisfied with the outcome, then you can take your complaint to the scheme your financial service provider is a member of. Find out more about how to make a complaint, what you can complain about and how the complaint process will work by visiting the website of the scheme that your financial service provider belongs to.
You can find out which dispute resolution service your financial service provider belongs to by:
- asking your financial services provider
- asking any one of the dispute resolution schemes
- checking on the Financial Service Provider Register
There are four dispute resolution schemes:
- Financial Services Complaints Limited
- Insurance & Savings Ombudsman
- Banking Ombudsman
- Financial Dispute Resolution
If your complaint is excluded because of the rules or terms and conditions of the scheme, or if you are not satisfied with the result, you can still take your complaint to the Disputes Tribunal or the Courts.
Financial advisers are subject to the Financial Advisers Act. This Act regulates their conduct, competence and requires them to disclose certain information to their customers. If an adviser breaches the Financial Advisers Act, you can complain to the Financial Markets Authority. They may be disciplined or banned from practising.
You can still make a complaint to a free disputes resolution service to get a personal solution or compensation.
The Ministry has reported to the Minister of Consumer Affairs on a review of the operation of the Dispute Resolution regime, as required by section 80 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.