EDRs want advisers to spread word

A new report from the Ministry of Business, Innovation and Employment’s Consumer Protection has looked at New Zealanders’ understanding of consumer rights, the problems they encounter with industry sectors and how well they resolve them.

It found mixed results, with strong awareness of some aspects of consumer law and big gaps in others.

The report found awareness of external disputes resolution services was relatively high in general, but those that deal with financial advisers were not as well known. Clients were reluctant to use them.

While 80% had heard of the Disputes Tribunal, and more than half knew of the Banking Ombudsman, only 31% had heard of the Insurance and Financial Services Ombudsman, 15% knew of about Financial Disputes Resolution Service and 13% were aware of FSCL. Another 13% did not know of any.