Financial service providers disputes resolution regime
The Ministry of Consumer Affairs has developed guidelines to assist schemes applying for approval to be a financial service provider disputes resolution scheme.
The Financial Service Providers (Registration and Dispute Resolution) Act 2008 requires financial service providers to be registered, and those who provide financial services to the public (retail clients) must be members of either an approved dispute resolution scheme or the reserve scheme.
The Ministry of Consumer Affairs is responsible for administering the financial service providers dispute resolution regime. This includes monitoring of the approved schemes and overseeing the reserve scheme.
The Ministry has developed guidelines to assist schemes applying to become an Approved Disputes Resoution under the Financial Service Providers (Registration and Dispute Resolution) Act.
The reserve scheme was established by the Ministry. The rules and fees of the reserve scheme are set by regulations. The reserve scheme operates under the trading name of Financial Dispute Resolution (FDR).
Related documents
Current regulations
Guidelines to Assist Schemes applying for Approval Disputes Resolution schemes
Financial Service Providers (Registration and Dispute Resolution) Act 2008
Financial Service Providers (Disputes Resolution - Reserve Scheme) Rules 2010
Financial Service Providers (Disputes Resolution - Reserve Scheme Fees) Rules 2010
Financial Service Providers (Appointment of Reserve Scheme) Order 2010
Financial service dispute resolution (for consumers)
Financial service disputes resolution (for financial service providers)
Policy development documents
- Proposed Reserve Dispute Resolution Scheme under the Financial Service Providers (Registration and Dispute Resolution) Act 2008: Discussion Paper (June 2009) – submissions closed
- Draft Guidelines to Assist Schemes applying for Approval under the Financial Service Providers (Registration and Dispute Resolution) Act 2008: Discussion Paper (June 2009) – submissions closed
Media release
First Financial Services Disputes Resolution Scheme Application – Minister Heather Roy
Financial Service Dispute Resolution Scheme On Its Way -Minister Heather Roy
