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

 


Financial services sector focussed on the ‘putting right’

Media release: Financial services sector focussed on the ‘putting right’ says FSCL CEO

Financial services providers seem to be doing a good job at resolving customer complaints says Susan Taylor, the Chief Executive Officer of dispute resolution scheme Financial Service Complaints Limited (FSCL).

FSCL’s latest annual results show an 85% increase in enquiries and complaints received by FSCL compared to the same period last year (up to over 3,000), but only a 24% increase in the complaints the scheme had to formally investigate.

“These results suggest that while consumers are becoming more empowered to seek help when there are problems, our participants are doing a good job at putting things right,” says Ms Taylor.

Of the 202 cases FSCL did investigate, over half (109) were settled either by the participant soon after the investigation started, though conciliation with a FSCL staff member, or by a recommendation suggesting that the participant pay compensation. Only four cases required a formal ruling by FSCL.

“In all these cases the complainant would have walked away with compensation or some other remedial action such as a loan restructure or an apology that has satisfied their complaint.”

Ms Taylor says a total of $786,372 was paid out in compensation during 2013/14, up from $514,785.62 last year.
For the first time, complaints about consumer credit made up the greatest share of cases FSCL investigated (44 of 202 complaints), followed closely by complaints about travel insurance (42).

Ms Taylor said that despite the increase in workload, continued growth in participant numbers and efficiencies meant it could reduce participants’ annual fees for a second year running by 12.5% for 2014/15.

FSCL will release its full annual report for the 2013/14 financial year in October.


Background
FSCL is an independent not-for-profit external dispute resolution scheme approved by the Minister for Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

It was the first scheme to be approved and has been designed for and in consultation with the financial services industry on the principles of efficiency and effectiveness. It is governed by an independent Board with equal consumer and industry representatives, and an independent Chair.

FSCL provides dispute resolution services to participating financial service providers and their clients. The FSCL process focuses on resolving complaints through conciliation and assisted negotiation and is also able to make formal determinations which are binding on financial service providers. The FSCL process is free to consumers. For more information on FSCL visit www.fscl.org.nz

The other dispute resolution schemes in the financial services industry are the Banking Ombudsman, the Insurance and Savings Ombudsman and the Government’s reserve scheme, Financial Disputes Resolution. For more information about the financial services disputes resolution regime visit www.consumeraffairs.govt.nz/for-consumers/how-to-complain/financial-service-providers-disputes- resolution

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news