Insurance & Savings Ombudsman approved

Insurance & Savings Ombudsman approved to provide dispute resolution services to financial service providers and their customers

The Insurance & Savings Ombudsman has been approved to provide dispute resolution services to financial services providers and their customers.

The Insurance & Savings Ombudsman (ISO) Scheme’s formal Government approval was received today. The approval means the ISO Scheme is now an approved dispute resolution scheme under the Financial Service Providers (Registration and Disputes Resolution) Act 2008, set up to regulate financial service providers and ensure access to consumer redress.

“This scheme will allow financial service providers to get the best of both worlds – the certainty and added value that comes from being involved with one of New Zealand’s established industry Ombudsman schemes, while also getting the individualised service and support providers will want,” Insurance & Savings Ombudsman Karen Stevens said.

Ms Stevens said the ISO Scheme would help to encourage confidence in the financial services sector.

“The purpose of the financial adviser regulation is to provide New Zealand consumers with the confidence and dispute resolution support to confidently seek professional financial advice and to have a transparent and understood process for resolving disputes,” she said.

Ms Stevens said the ISO Scheme would be formally available for registrations later in the year but was mindful of the cost to financial service providers.

“It is important that both the consumer and providers get value for money out of this requirement. The registration process is an opportunity to assist providers maintain skills and standards for the benefit of the entire industry,” she said.

ENDS

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