13 December 2024
As advised by email on 25 November 2024, IFSO, which currently delivers the IFSO Scheme (Scheme) as a society is restructuring to become a limited liability company. The operation of the Scheme needs to be transferred to a company because it cannot continue in its current form under the Incorporated Societies Act 2022. The new company will be called Insurance & Financial Services Ombudsman Limited (Company).
The Scheme itself is to continue and will operate in the same way as previously with no changes to fees and levies or complaints handling. As is currently the case, the Company will also be a not-for-profit with the sole purpose of operating the Scheme. This aligns IFSO with the other approved dispute resolution schemes which are already companies.
Participants on IFSO’s register of Participants at the time of transfer (currently planned for 1 April 2025) would continue to belong to the Scheme as operated by the Company on fundamentally the same terms as currently apply.
As part of the transition from a society to the Company, we would like feedback on the following documents (links below) which are discussed in the Appendix where we have summarised changes:
- the amended Terms of Reference incorporating all participation and complaints handling provisions;
- amendments to the current IFSO constitution (Society Constitution) to enable the transfer and deregistration of IFSO as a society; and
- new Company Constitution (Company Constitution).
As Participants of the IFSO Scheme, could you please provide any feedback by 5 pm on 31 January 2025. Please send your feedback to sandi@ifso.nz.
If you have any questions about the proposals or the consultation process, please contact the Deputy Ombudsman, Louise Peters, louise@ifso.nz.
Timeline for consultation and implementation
31 January 2025 Deadline for feedback on consultation documents.
7 to 14 February 2025 Feedback to Participants.
1 April 2025 Changes take effect.
Yours faithfully,
Karen Stevens
Insurance & Financial Services Ombudsman