Complaints up but awareness low
Susan Taylor, chief executive of Financial Services Complaints Limited, said people with legitimate complaints about their financial services providers were missing out on the chance to have a fair hearing because they did not realise the option was there.
"Many New Zealanders are unaware they can seek free and independent help with problems they have with their financial services provider. Even among professionals such as solicitors and accountants, understanding of the role and powers of the financial services dispute resolution schemes remains low."
Institute of Financial Advisers president Nigel Tate said he would be disappointed if financial advisers were not making it clear to clients that disputes schemes were available to them.
He said it was possible that registered, not authorised, advisers were not providing full disclosure to their clients.
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