Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Banking Complaints – Financial Ceiling Lifted

17 April 2002

The financial ceiling for complaints to the Banking Ombudsman has been increased for the first time since 1992. The Banking Ombudsman can now consider complaints up to $120,000 in value. For complaints dealing with bank-provided insurance the limit has been increased to $150,000.

Banking Ombudsman Liz Brown, said the New Zealand Bankers’ Association had adjusted the Terms of Reference by raising the financial ceiling from the original $100,000 limit set when the office was established.

“Insurance claims in particular involve increasingly large amounts and the move is in line with overseas trends. The Australian Banking Ombudsman, for instance, has a limit of $A150,000 on all claims”, Mrs Brown said.

Mrs Brown said the amount of compensation the Banking Ombudsman can require a bank to pay to a complainant for inconvenience, including matters such as stress and embarrassment, has also been increased – from $2,000 to $4,000.

Details of the new levels of compensation are included on the Banking Ombudsman’s website launched this week.

The website at www.bankombudsman.org.nz includes information about how the Banking Ombudsman can help bank customers; answers to frequently asked questions, such as how to make a complaint; and provides an online complaint form.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: