Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Finance sector consumer complainants get redress

Hon Lianne Dalziel
Minister of Commerce
Hon Judith Tizard
Minister of Consumer Affairs

25 September 2008 Media Statement

Finance sector consumer complainants get redress

Consumers who have been unable to resolve a complaint with their financial adviser or service provider will have access to an independent and free dispute resolution service under a Bill passed in Parliament today.

Commerce Minister Lianne Dalziel and Consumer Affairs Minister Judith Tizard welcomed the passage of the Financial Service Provider (Registration and Dispute Resolution) Bill which is part of a suite of reforms of the finance industry.

Judith Tizard said the bill created a co-regulatory model, under which industry groups will develop their own schemes which will then have to be approved by the Minister of Consumer Affairs.

"The criteria that all approved schemes must meet are the internationally accepted benchmarks of accessibility, independence, fairness, accountability, efficiency and effectiveness," Judith Tizard said.

There will also be a reserve scheme established for providers who do not belong to an approved industry dispute resolution scheme.

"Only service providers who offer a service to the public will be required to join a dispute resolution scheme – so this exempts family trusts, for example – and the dispute resolution services must be available to consumers and small businesses and organisations. Furthermore, we are making them accessible and equitable by not permitting such services to charge a fee to any complainant," Judith Tizard said.

Lianne Dalziel said all financial providers must be registered and belong to a dispute resolution unless they are providing advice incidental to their professional service (eg. as a lawyer, accountant, tax agent or real estate agent) and are regulated in law by their own professional standards. It also exempts not-for-profit organisations who provide free financial services, such as community budget advisers.

"The register, which will be managed by the Companies Office, will provide a useful resource for consumers, industry and regulators by providing a searchable access point for information on financial providers. This will also assist New Zealand to fulfil our international obligations under rules curbing money laundering or the financing of terrorism," Lianne Dalziel said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On DHB Deficits And Free Trade

Currently the world is looking on aghast at the Trump administration’s plans to slash Obamacare, mainly in order to finance massive tax changes that will deliver most of their gains to the wealthy. Lives will be lost in the trade-off. Millions of Americans stand to lose access to the healthcare they need.

Spot the difference with New Zealand, where DHBs are under intense pressure to reduce deficits within a climate of chronic underfunding. More>>


Greens' Response: Slum-Like Rentals Exposed In Renting Review

“...The grim findings of the review are a wakeup call about the true state of rentals in this country. Too many renters are festering in slum-like conditions under the thumb of landlords who have largely unchecked powers and ignore tenants’ complaints when it suits them.” More>>


Gordon Campbell: On The Life And Times Of Peter Dunne

The unkind might talk of sinking ships, others could be more reminded of a loaded revolver left on the desk by his Cabinet colleagues as they closed the door behind them, now that the polls in Ohariu had confirmed he was no longer of much use to National. More>>


Gordon Campbell: On Labour’s Campaign Launch

One of the key motifs of Ardern’s speech was her repeated use of the phrase – “Now, what?” Cleverly, that looks like being Labour’s response to National’s ‘steady as it goes’ warning against not putting the economic ‘gains’ at risk. More>>


Lyndon Hood: Social Welfare, Explained

Speaking as someone who has seen better times and nowadays mostly operates by being really annoying and humiliating to deal with, I have some fellow feeling with the current system, so I’ll take this chance to set a few things straight.. More>>


Deregistered: Independent Board Decision On Family First

The Board considers that Family First has a purpose to promote its own particular views about marriage and the traditional family that cannot be determined to be for the public benefit in a way previously accepted as charitable... More>>


Transport Policies: Nats' New $10.5bn Roads Of National Significance

National is committing to the next generation of Roads of National Significance, National Party Transport Spokesperson Simon Bridges says. More>>





Featured InfoPages

Opening the Election