Fewer complaints against advisers
Dispute resolution scheme Financial Services Complaints says it has received fewer complaints about financial advisers in the second half of last year than in the same time a year earlier, even as overall complaint numbers rose.
Monday, February 2nd 2026, 3:53PM
It said there had been a 41% increase in financial disputes – complaints that are investigated to negotiate a solution – in the first half of its reporting year.
In total, 235 disputes were opened during that time.
"The increase reflects wider economic challenges that many New Zealanders continue to face,” Financial Ombudsman Susan Taylor said.
"We expect high dispute levels to persist as long as economic conditions remain difficult for many. The rise also signals consumers’ growing awareness of dispute resolution services and their willingness to challenge financial providers and demand accountability.”
There were 26 disputes relating to financial advisers between July and December, compared to 40 in the same six months of 2024.
“Certainly there's still many New Zealanders and small businesses in particular, I think, feeling the pinch economically,” Taylor said.
“We think there is also growing consumer awareness that if something goes wrong, they are able to complain to an independent dispute resolution body. And also, I think there is perhaps a growing reluctance to let something go. So perhaps, you know, several years ago, if someone had a bad experience with a financial service provider or adviser, they might just say, well, that wasn't great, but I'll move on.
“Whereas now there's more a tendency for people to want to make a complaint and then to take their complaint right through our process.”
She said more people were also using AI to help with their complaints.
“I suppose you could say that that's probably made it easier for some people who may have been reluctant to put something in writing themselves to help to use AI to help them write and lodge their complaints.”
She said there was no clear trend in what people were complaining about in relation to advisers.
“It might be about fees and charges that they weren't aware of or they just feel they were given unsuitable advice, perhaps advised on a particular type of insurance product that has turned out not to provide the cover that they thought it would. We've seen a few investment planning complaints where people feel they were given advice that was unsuitable for their particular risk profile and requirements… different issues right across the board.”
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