Little agreement on merits of multiple schemes
Whether there should be multiple schemes, and whether their jurisdictional limit should be increased, were two of the questions asked of submitters.
There are three EDRs operating for the financial services sector outside banks: Financial Services Complaints Ltd (FSCL), the Insurance and Financial Services Ombudsman (IFSO, formerly the Insurance and Savings Ombudsman), and Financial Dispute Resolution. Banks are catered for by the Banking Ombudsman.
Some submitters, such as former Institute of Financial Advisers president Nigel Tate, said there were too many EDRs and that had increased costs to industry participants.
Consumer NZ said it had concerns about the number of schemes, the variability of the schemes’ rules and the fact the schemes were not required to publish their decision.
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