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FSCL takes issue with ISO name

Financial Services Complaints Ltd (FSCL) is not ruling out taking legal action over the Insurance and Savings Ombudsman’s name change.

Wednesday, October 7th 2015, 6:00AM

by Susan Edmunds

ISO is in the process of changing its name to the Insurance and Financial Services Ombudsman Scheme, which ombudsman Karen Stevens said better reflected its role after 20 years in the industry.

“It’s important for our financial service provider members who aren’t insurers to feel valued. They are important members of our scheme,” she said.

The change takes effect from November 1.

The ISO is one of three dispute resolution providers operating in the financial services sector, alongside FSCL and Financial Dispute Resolution.

The Banking Ombudsman caters solely for banks.

The not-for-profit FSCL has complained to Commerce Minister Paul Goldsmith about the name change.

It is concerned about the word “ombudsman” giving an inaccurate impression of the scheme’s role in financial services complaints.

An MBIE spokesperson said:  “The Minister received correspondence from Financial Services Complaints Limited. He considered that the proposed changes were adequate and complied with the principles listed in section 52(2) and the requirements of section 63 of the Financial Service Providers (Registration and Dispute Resolution) Act.”

But it is believed that FSCL is now considering legal action.

Chairman Kenneth Johnston did not rule it out. “The immediate answer is no. We haven’t initiated any legal action at the moment. It’s an issue about which we have concerns and we are reserving our position.”

He said it was not appropriate for him to discuss the situation but said FSCL had concerns about the use of the term “ombudsman” and was taking advice and considering its next steps.

Tags: FSCL ISO

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.25 2.59 2.89
ANZ 4.44 2.85 3.19 3.49
ANZ Special - 2.25 2.59 2.89
ASB Bank 4.45 2.25 2.59 2.89
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Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.25 ▼2.55 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.85 ▼3.15 3.39
BNZ - TotalMoney 4.55 - - -
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CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
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Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 ▼3.40 ▲3.64
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 ▼2.55 ▲2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
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SBS Bank Special - 2.29 2.49 2.79
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The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.25 2.59 2.79
The Co-operative Bank - Standard 4.40 ▼2.75 3.09 3.29
TSB Bank 5.34 3.05 3.29 ▲3.59
TSB Special 4.54 2.25 2.49 ▲2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.85 3.19 3.49
Westpac - Offset 4.59 - - -
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Westpac Special - ▼2.25 2.59 2.89
Median 4.55 2.71 2.99 2.89

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