Media Releases

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.

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.

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

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.

Consumers should take care to avoid circumstances that could result in an insurance claim, says the Insurance & Financial Services Ombudsman Karen Stevens. This comes after a driver lost his vehicle after driving into the sea to wash its underside.

A Complaint Response and Management course, launched just under a year ago by Massey University’s Fin-Ed Centre and the IFSO Scheme, has reached 100 enrolments.