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.
Media statement 22 April 2024
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.
The purpose of the merger is to simplify and improve dispute resolution services in the financial sector for consumers in Aotearoa.
Both organisations believe there will be positive gains for consumers and their scheme participants from the merger. The merger is not a cost cutting exercise; rather, it is to futureproof the financial sector and create greater confidence for consumers.
The Hon. Andrew Bayly, Minister of Commerce and Consumer Affairs is strongly supportive of the merger of FSCL and the IFSO Scheme. The merger process will take some time to complete and will include consultation with scheme participants and other stakeholders.
Both organisations offer a free and independent dispute resolution service for consumers with complaints about financial services, including insurance and non-bank lending. At present, both organisations account for approximately 90% of financial services complaint cases (excluding banking).
FSCL and the IFSO Scheme are approved financial services dispute resolution schemes established under the FSP Act and are 100% funded by industry, receiving no government funding.
ENDS
Media contact
Sarah Smythe
IFSO Scheme Communications Manager
sarah@ifso.nz
021 292 4036