Banking Ombudsman supports greater focus on consumer outcome

Banking Ombudsman supports greater focus on consumer outcomes

The Banking Ombudsman Scheme welcomes the report into bank conduct and culture released by the Financial Markets Authority and the Reserve Bank today.

“We support its proposals to strengthen the current framework to focus on good customer outcomes,” says Banking Ombudsman, Nicola Sladden.

“We were pleased the review found a high level of awareness of bank complaint processes amongst those surveyed.

“We agree with the recommendation that banks review their customer complaint processes, particularly to better define and record customer complaints and to ensure it is easy for customers to raise concerns.

“We have already begun a suite of initiatives to enhance our oversight of banks’ complaint processes. This is so we can be assured customers are having their concerns appropriately addressed at every level.

“Together, these initiatives will enable us to promote consistently high standards across the sector.

“We will continue to work closely with the regulators and the New Zealand Bankers’ Association to implement the recommendations to address the issues they have identified.

“A strong complaints framework is an essential element in a fair banking sector.”

ENDS

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