Media Releases

The Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) is reminding consumers that insurance doesn’t cover absolutely everything.

An update on recent developments regarding the proposed merger between the Insurance & Financial Ombudsman Scheme (IFSO Scheme) with Financial Services Complaints Ltd (FSCL).

The IFSO Scheme has investigated the highest number of complaints in its almost 30-year history, with a total of 479 complaints received for investigation in the year from 1 July 2023 – 30 June 2024.

For money month this year, the IFSO Scheme is highlighting the issue of unsuitable lending, where consumers are given higher loans than they need.

A recent investigation by the IFSO Scheme has brought sleeping pills into the spotlight.

Financial limits for complaints are being raised across the four approved financial dispute resolution schemes, from 18 July 2024, meaning more consumers can have their disputes resolved without going to court.

Every 5 years, the IFSO Scheme is required to conduct a public independent Review of its complaints handling processes.

The Insurance & Financial Services Ombudsman, Karen Stevens, is warning people who are planning to visit or who are currently in New Caledonia to contact their travel insurance providers immediately, in light of the civil unrest currently taking place.

The Insurance & Financial Services Ombudsman, Karen Stevens, says she is looking forward to insurance contracts becoming fairer and easier to understand for consumers when upcoming changes to insurance law are passed.

The Ombudsmen for Financial Services Complaints Ltd (FSCL) and the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) confirm the two organisations are in a formal process of evaluating a merger.