Effective financial dispute resolution: Summary of discussion paper

The Ministry of Business, Innovation, and Employment is seeking feedback on the effectiveness of New Zealand’s financial dispute resolution system and whether there are opportunities for improvements. 

Financial dispute resolution in New Zealand

There are four approved financial dispute resolution schemes. The schemes are all private entities that investigate consumer and small business disputes with financial service providers once a complaint has been through the provider's own internal dispute resolution process. Providers can choose which scheme they are a member of and therefore which scheme resolves complaints made about them.

What is being considered?

We are seeking feedback on:

• options to make it easier for consumers to resolve a problem or dispute with their financial service provider, including raising awareness of and access to the four approved schemes
• options to enhance the effectiveness of the schemes. 

Why are we considering changes?

We want to ensure that financial dispute resolution is operating as well as it can. This will benefit consumers by ensuring that they can confidently resolve issues they have with their financial service provider and that all New Zealanders have equitable access to effective dispute resolution when needed.

Issues we want feedback on:

We want your feedback on issues that may be impacting the effectiveness of financial dispute resolution and which have potential to undermine access to redress for consumers. This includes:

• barriers consumers may have in resolving issues with their financial dispute resolution provider
• whether the schemes are as effective as they could be.