The next steps to take if you are unable to resolve an issue with a bank, insurer or financial services provider.
Financial Markets Authority (FMA)(external link) is the financial market’s regulator.
The Commerce Commission(external link) for complaints about unfair or misleading conduct under the Fair Trading Act and breaches of the Credit Contracts and Consumer Finance Act (CCCFA).
The NZX(external link) for complaints about listed companies or NZX market participants.
Insurance and Financial Services Ombudsman (IFSO)(external link) for complaints about insurance, loans or credit, superannuation, financial advisors, investments or other financial services provided by their IFSO participants.
Financial Services Complaints Limited (FSCL)(external link), not-for-profit external dispute resolution scheme, for complaints any aspect of financial services provided to you by an FSCL member. See their video clip about their services(external link).
Banking Ombudsman (BO)(external link) for disputes between customers and their bank if they are a member of the BO scheme.
Financial Dispute Resolution Service (FDRS)(external link), independent approved dispute resolution scheme, for disputes about a financial services provider who is an FDR scheme participant.
For the four dispute resolution schemes, your complaint must generally relate to:
Complaints the schemes can’t hear include:
You can complain to the FMA and ask them to investigate and take enforcement action about the following:
NZX can only take enforcement action if there have been possible breaches of the NZX market rules.
All these schemes are free for you.
A financial services provider must belong to one of the four dispute resolution schemes so you will need to check which one they belong to. This should be on their bills or website or you can use the FSP register(external link).
Some of the schemes have set time limits to complain. Check the details for your FSP's scheme for more information. Your dispute cannot be about an amount exceeding $200,000 or $1,500 per week.
Each of the schemes offer different remedies. Check your FSP's scheme's website for more details.
Provides information about the Insurance and Financial Services Ombudsman and how to make a complaint.
Provides information about the Financial Services Complaints Limited scheme and how to make a complaint.
Provides information about the role of the Banking Ombudsman and how to make a complaint.
Provides information about the Financial Dispute Resolution scheme and how to make a complaint.
Visit the website(external link)
Phone: 0508 337 337
Provides information on compliance obligations for those working in the financial sector and how to make a compliant if a business has breached the legislation they enforce.
Provides information on the financial markets in the New Zealand, their role as a regulator and how to make a complaint.