News

Complaint enquiries increase but disputes remain low

  • Wed June 13, 2012

The number of complaints escalating to disputes remains very low. Since the scheme began 1st October 2010, only two adjudicated decisions have been made and case closed.

One dispute involved a mortgage adviser allegedly not following instructions; and the other an insurance adviser in quite a complex case involving several complaints including insurer's decision, misrepresentation and poor communication.

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Loan Stressing You Out?

  • Fri February 17, 2012

The Ministry of Consumer Affairs (MCA) has recently launched a radio and billboard campaign in South Auckland and Porirua to raise awareness among credit consumers about obtaining redress through the dispute resolution schemes for any issues they may have with their finance companies.

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FDR's First Annual Report Released

  • Wed December 14, 2011

FDR has published its first annual report. The document gives an overview of the scheme's progress in its first 10 months of operation, along with a Scheme Manager and Scheme Adjudicator report. The report covers the period from 1 October 2010 to 30 June 2011. The full report can be viewed here.

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New Zealand offshore finance companies

  • Fri October 07, 2011

The Reserve Bank advises that caution should be exercised by anyone considering doing any form of business with entities that promote themselves as "New Zealand offshore finance companies", or use similar descriptions, and that offer financial services either on-line or from locations outside of New Zealand.

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Few disputes received to date

  • Tue September 20, 2011

There has been quite a bit of media recently about the financial services industry with FMA very active, the recent Financial Summit focussing upon 3rd tier lenders, a contentious high court ruling against an adviser about inappropriate advice (which seems to have some advisers "caught like possums in headlights") and a mortgage broker allegedly embezzling a number of customers.Yet there has been very little from the dispute resolution schemes.

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Consumer awareness leads to an increase in complaints

  • Thu July 14, 2011

Recent roadshows to consumer groups in the upper half of the North Island, facilitated by the Ministry of Consumer Affairs, have led to an increase in complaint enquiries received at FDR.

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Where to with complaints? FMA or FDR?

  • Thu July 14, 2011

There has been coverage in the media recently regarding the Financial Markets Authority (FMA), which may generate greater public awareness about the new financial service providers and advisers regime. 

However there may also be some confusion about which organisation a consumer would approach with a complaint - FDRS or FMA?

The short answer is contact  FDRS first, even if it is appropriate that the complaint is handled by FMA.

There are two reasons for this:

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DRSL has new owners

  • Fri July 01, 2011

On July 1 2011 FDR's parent company, DRSL, became an independent Crown Owned Company.

DRSL is listed on the Crown Entity Schedule, with the shareholding Ministers being the Ministers of Finance and  ACC.

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FDRS Scheme Members very happy with service

  • Mon May 02, 2011

A recent independent survey done by ResearchNZ shows that Scheme Members really liked FDRS's friendly and helpful staff; website; pricing; independence and the stability that the reserve scheme / government relationship assures.

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Publications

  • Fri February 25, 2011

FDRS Brochure

FDRS has produced a brochure for consumers giving a brief overview of the scheme and how to access it. This brochure is distributed to consumer organisations around the country, such as Citizens Advice Bureaux and the New Zealand Federation of Family Budgeting Services.

The brochure can also be downloaded from this page. If you would like a supply of brochures, please contact us.

To view or download the brochures you will need Adobe Reader software. This is free software that you can download from the Adobe website.

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