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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?

Any business or business person who deals with your money, lends you money or gives you advice about money is a financial service provider.
This includes:

  • financial advisers
  • brokers
  • banks and credit unions
  • money or investment managers
  • lenders and credit card providers
  • insurers
  • superannuation schemes
  • foreign exchange
  • finance companies

 

How to make a complaint about a financial 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 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.

 

Which dispute resolution service should I go to?

You can find out which dispute resolution service your financial service provider belongs to by:

 

There are four dispute resolution schemes:

 

If my complaint can't be resolved

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.

 

Complaints about a financial adviser's conduct

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. 

Find out more at the Financial Markets Authority website.

You can still make a complaint to a free disputes resolution service to get a personal solution or compensation. 

 

Review of financial service provider dispute resolution

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.

 

Last updated 7 March 2014
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