Reserve dispute resolution scheme wants to be "independent"
Ministry of Consumer Affairs consumer policy manager Evelyn Cole says the operation of the reserve scheme will be independent of industry members. This includes considering and ruling on disputes.
However, she says the establishment of an advisory board to help the Ministry and the reserve scheme provider in advising on the operation of the scheme is proposed and will be established later this year.
Institute of Financial Advisers president Lyn McMorran is adamant that people with relevant professional expertise in the industry should be included on the panel that rules on disputes.
"I don't know how many people they're planning on having on their panel, but I think there needs to be a voice for the industry at least," she says.
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