tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, December 9th, 2:15PM

News

rss
Latest Headlines

Banking Ombudsman Scheme obtains Ministerial approval

The Banking Ombudsman Scheme has obtained Ministerial approval as a dispute resolution scheme and will soon be expanding to include non-bank deposit-takers that meet its quality criteria.  

Friday, September 3rd 2010, 4:58PM

Banking Ombudsman chair Ron Paterson says gaining Ministerial approval as a dispute resolution scheme under the new Financial Services Providers (Registration and Dispute Resolution) Act is an important step for the scheme and enables it to offer its services to a wider range of participants.

Under the legislation, all financial service providers are required to belong to an approved dispute resolution scheme by the end of this year. 

In order to be approved, a scheme needs to meet certain criteria including accessibility, independence, fairness, accountability, efficiency, and effectiveness.

Professor Paterson says the Banking Ombudsman Scheme, having been established in 1992, has the advantages of knowing its industry and having a solid reputation.

"We want to build on our existing strengths and trusted leadership position to be New Zealand's premier dispute resolution scheme."

The expanded Scheme will cater for all banks and their subsidiaries, as well as non-bank deposit takers that:

 

  • are regulated by the Reserve Bank
  • have minimum credit ratings of BB
  • have high quality internal complaints resolution standards and processes.

 

Paterson says as the experts in investigating and resolving disputes in the banking industry, it makes sense for the scheme to offer its expertise to high quality non-bank deposit takers as these companies essentially provide bank-like services.

"By focusing on our core business, we will continue to lift standards in dispute resolution processes, improve the banking experience, and maintain consumer confidence in the banking system," he says.

« Draft Code sent to Simon Power for approvalQFEs need regulatory assurance »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com