IFSO Scheme to partner with Banqer

The IFSO Scheme will work with Banqer to help increase students’ understanding of what to do when issues arise with insurance and financial services.

Media release 12 February 2024

The Insurance & Financial Services Ombudsman Scheme (IFSO Scheme) is delighted to announce it is partnering with Banqer this year to ensure the next generation of students have the life skills they need to thrive.

Banqer is a financial education company specialising in simulative education technology for primary and secondary students. It is used in schools across Aotearoa and has so far helped financially educate over 300,000 students.

The IFSO Scheme will work with Banqer to help increase students’ understanding of what to do when issues arise with insurance and financial services.

The IFSO Scheme resolves complaints about insurance and financial services, and is independent, fair, and free for consumers. The IFSO Scheme has, as one of its two primary duties, the responsibility to promote and publicise its service to consumers.

Karen Stevens, Insurance & Financial Services Ombudsman, says it’s important that consumers, including young people, know where to get help if they have a problem.

“Ensuring young people have the skills to navigate issues they will come across in the real world is a vital part of financial education. While young people are not usually consumers of many financial services yet, they will almost certainly be consumers of them at some point in their lives - insurance is likely to start when they first leave home and need contents or vehicle insurance. It is important that they know about independent complaint resolution services so if things go wrong in future, they’ll know how to get help,” says Stevens.

“Banqer has also found that providing financial literacy information to school students has resulted in them sharing it with their whanau, indirectly informing parents, caregivers and their wider family on these matters. So it’s a great way to increase awareness of our service,” she says.

Banqer co-CEO Kendall Flutey, who is an IFSO Scheme Commission Member, says she’s thrilled to announce the partnership with the IFSO Scheme.

“This collaboration enhances rangatahi financial literacy outcomes by building awareness of independent complaint resolution services. It’s critical that consumers (and future consumers) know the support available to them, and can navigate it with confidence. I’m proud that together we’re ensuring that the next generation is prepared to face the complexities of our financial world,” says Flutey.

Stevens and Flutey both agree that making sure young people have relevant life skills before they will need to use them is important.

“Some students are already having to grapple with things like car insurance while they’re at school, so it’s important they know what to look out for and what they can do if things go wrong,” says Stevens.

“Banqer offers an easy, engaging and effective way for rangatahi throughout Aotearoa to get the financial education they deserve. We’re delighted to be one of their Community Partners this year,” she says.