Most Ombudsman cases go in banks' favour
Monday, October 19th 2015, 10:50PM
Banks' poor customer service was the cause of almost half the complaints to the Banking Ombudsman in the past year.
The scheme has released its annual report for the 2014/2015 financial year, which shows a 19% decrease in initial complaints but an 11.8% increase in disputes, to 270 received and 265 resolved.
Most were for customer service issues, followed by declined applications for things such as property loans and KiwiSaver withdrawals.
In the year, the bigger banks began to introduce explicit notice periods for customers wanting to break term deposits, to maintain liquidity levels.
This prompted 40 inquiries, seven complaints and four disputes.
Of the 270 disputes received, customers won 31. The proportion of people who received some form of compensation increased from 30% to 35%.
The four biggest banks made up 90% of disputes.
Cases about early repayment costs to break fixed-term mortgages rose as interest rates fell.
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