News

Territorial scope of FSP ACT translates into customer complaints

  • Thu October 12, 2017

Financial Dispute Resolution Service, an approved dispute resolution scheme working with members across all financial services, has seen issues in the financial service sector translate into consumer complaints.

The scheme’s Annual Report identifies the territorial scope of the Financial Service Provider Act as a big issue for the financial services industry.

Trevor Slater, Client Director of Financial Dispute Resolution Service, explains how this issue affects the financial sector.

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Notice of Member’s Forum 2017 and Annual Report and Notice of Annual General Meeting 2017

  • Tue September 12, 2017

Financial Dispute Resolution Service
Notice of Member’s Forum 2017
2:30 pm, Thursday 12 October 2017

 

NOTICE IS HEREBY GIVEN that the Annual Members’ Forum of the FINANCIAL DISPUTE RESOLUTION SERVICE will be held at 142 Lambton Quay, Level 4, Wellington, on Thursday, 12 October commencing at 2:30 pm.

The business of the meeting is to review the operational viability, performance and benefits of the Scheme for members, and to discuss other membership issues.

By Order of the FDRS Advisory Council

Trevor Slater
Client Director

12 September 2017

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FDRS appoints high profile Director

  • Thu September 07, 2017

Financial Dispute Resolution Service (FDRS) has appointed Trevor Slater as its new Client Director.

Trevor’s extensive expertise within the financial service sector and experience as commercial mediator, negotiator and trainer, make him a natural fit for leading Financial Dispute Resolution Service.

Financial Dispute Resolution Service is an approved dispute resolution scheme for financial service providers in New Zealand. The scheme is managed by FairWay Resolution, New Zealand’s largest specialist conflict management and dispute resolution organisation. FairWay is an independent, employee-owned organisation that handles over 14,000 disputes, reviews and enquiries each year.

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Minister welcomes Consumer Rights Day

  • Wed October 26, 2016

Commerce and Consumer Affairs Minister Paul Goldsmith welcomes Consumer Rights Day, being kicked off today in Wellington with a public event to help consumers learn about their rights.

“The event brings together speakers from across the public and not-for-profit sectors to provide information on what protections are in place for consumers,” says Mr Goldsmith.

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Consumer Rights Day 2016

  • Thu October 20, 2016

The Consumer Protection team, Ministry of Business, Innovation and Employment (MBIE) is running a Consumer Rights Day on Wednesday 26 October 2016. 

This day brings together speakers from government, ombudsmen schemes and organisations that deal  with complaints from people when they have a  problem with different kinds of services. 

This includes problems with: 

  • a bank or finance company
  • an insurance company
  • a power (electricity and gas) company
  • a telephone, internet or mobile telephone company
  • managing their debt.

Where and when?

Wharewaka Function Centre, Taranaki Wharf, Odlins Square, Wellington  

Wednesday 26 October 2016 

9.30am – 3.10pm (Registration on the day starts at 8.45am)

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Notice of Member’s Forum 2016 and Annual Report and Notice of Annual General Meeting 2016

  • Fri September 30, 2016

Financial Dispute Resolution Service
Notice of Member’s Forum 2016
2:30 pm, Monday 31 October 2016

 

NOTICE IS HEREBY GIVEN that the Annual Members’ Forum of the FINANCIAL DISPUTE RESOLUTION SERVICE will be held at 109 Featherston Street, Level 6, Wellington, on Monday 31 October 2016 commencing at 2:30 pm.

The business of the meeting is to review the operational viability, performance and benefits of the Scheme for members; discuss membership issues; discuss membership and dispute fees; and provide general feedback about the FSP Act as it affects financial service providers.

By Order of the FDRS Advisory Council

Jennifer Mahony
Scheme Director

30 September 2016

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FMA: Even smart people get conned

  • Fri September 02, 2016

In financial terms, he is a smart cookie - but he still got conned out of $66,000 in a share scam.

Alan (not his real name) is a chartered accountant of many years' experience; he is the financial controller of a healthy New Zealand company, he's in KiwiSaver and a company superannuation scheme and has successfully invested in New Zealand shares.

And he's a victim.

His $66,000 went west - or actually East, he thinks - because of a sophisticated fraud called a boiler room scam. That's where fake stockbrokers, usually based overseas, cold-call people with offers of shares promising high returns. The shares either do not exist or are worthless - but the sophisticated scammers pocket the investment and disappear.

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Review of corporate governance disclosure by FMA

  • Fri August 19, 2016

A Financial Markets Authority review of corporate governance disclosure by 45 companies shows that few companies are publicly disclosing some information included in its corporate governance principles.

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Business decisions can run afoul of the Responsible Lending Code

  • Wed July 06, 2016

An article written by Jennifer Mahony, Scheme Director

The Houston Chronicle reported on 1 June 2016 that Uber was offering leases on new cars as an incentive for new contract drivers. The car lease fee is deducted weekly from the driver’s earnings, regardless of how much—or how little—they earn that week. If they fail to make a payment, Xchange repossesses the car. One could argue that Uber is simply removing a barrier for those who wish to drive for them, and in doing so, is making it easy for the driver to meet lease obligations and for Uber to protect its investment. However, there are a number of issues with this arrangement.

Putting aside the potential employment issues, two other potential issues arise:

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FMA releases report into insurance sales and advice: Insurance replacement business - who benefits?

  • Tue July 05, 2016

The Financial Markets Authority is calling for cooperation from the life insurance industry and financial advisers to address the potential harms to consumers from the relatively high levels of switching of existing insurance policies.

The FMA today released its first report into sales practices within the life insurance industry. The report shows that of the $1.7bn New Zealanders spent on annual life insurance premiums in the year to 30 June 2014, a significant number of existing policyholders were switched between providers. This switching activity is called ‘replacement business.’

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