Lessons for consumers and providers from year end 30 June 2015

  • Mon August 17, 2015

Of the 2,919 the registered enquiries, the scheme recorded 475 complaints. 370 of those were referred back to the members complaints process.

Of the balance, 84 escalated to the FDRS formal disputes process and 59 of those were resolved ; 36 by early resolution, including 2 conciliation settlements. 

23 disputes were resolved at Adjudication. Of those 16 complaints were upheld.

Since year end many of the complaints referred back to members have deadlocked and escalated to the schemes formal disputes process.

At 82% of total complaint enquiries, the prevailing systemic issue was “failing to follow instructions”.

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Newsletter June 2015

  • Fri June 26, 2015

The June edition of the Newsletter is now available.

Click here to download a copy.

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Deadline looms for new lender responsibilities

  • Fri June 05, 2015

The revised CCCF Regulations  come in to force June 6th, 2015.

Lenders need to demonstrate that they have provided a fit for purpose product, responsibly and  on fair and reasonable terms without a conflict of interest (or disclosed if so) based on a thorough needs analysis-with a full disclosure (including what to do if things go wrong) which is understood and accepted by their customer.

Lenders will be expected to put consumer protection at the forefront of their practice when the rules for lending come into force. Many do already.

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Caution when trading online

  • Thu May 21, 2015

Caution when trading online Wed May 20, 2015 The Financial Markets Authority has recently issued a public warning about the conduct of Forex Trend Limited, an online trading broker and member of the Financial Dispute Resolution Scheme (FDRS). Read full entry.

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FMA posts warnings and alerts about financial service providers

  • Thu May 07, 2015

The Financial Markets Authority posts warnings and alerts about financial service providers on its website . These include misleading advertising, scams, soliciting business whilst insolvent;  a list of organisations and individuals FMA is concerned about who do not comply with New Zealand’s financial services laws or who are not registered as a financial service provider in New Zealand, and recent alerts from the International Organisation of Securities Commissions (IOSCO).

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Overview of changes to Consumer Credit Law

  • Wed May 06, 2015

This guide put out by the Commerce Commission provides an overview of the key changes to consumer credit law, that took effect from 6 June 2015.

New Zealand’s consumer credit law has changed. Almost all changes took effect from 6 June 2015 and will only apply to contracts entered into after that date.

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Newsletter April 2015

  • Tue April 28, 2015

The April edition of the newsletter is now available.

Click here to download a copy.

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Providers have 2 months to resolve a complaint, but come to us first

  • Thu April 02, 2015

Consumers with complaints about their finance service provider should call FDRS first on 0508 337 337, so that we can determine if they have a valid complaint and to ensure they have access to redress for their issue. We would then refer the complaint to the provider to give them the opportunity to resolve the complaint directly with the consumer.

Financial service providers of the scheme have 2 months to consider a complaint for issues that occur after 1 April 2015, before it is deemed “deadlock” and can be escalated to the scheme’s dispute resolution process. Complaints can also be escalated to the scheme if the provider has issued a decision that is unacceptable.

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Newsletter March 2015

  • Fri March 20, 2015

The March edition of the newsletter is now available.

Click here to download a copy.

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Newsletter February 2015

  • Tue February 24, 2015

Our February newsletter discusses the approach to complaints handling of some of our larger, mature members; highlights a few facts about FairWay; describes and discusses the benefits of mediation; provides an overview of the scheme’s complaint activity for the 7 months year to date; includes a case study and introduces our Position Statement on Vexatious and Frivolous Complaints. read more

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