All Participants of the IFSO Scheme must tell their customers the IFSO Scheme is available to them, that our service is free of charge and our contact details.
Complaint fees charged by the IFSO Scheme may not be passed on to customers.
- Ideally, information about your internal complaints process is on your website and accessible from the homepage and/or complaint webpage.
- Check your internal and external documents for references to the your dispute resolution scheme and replace it with the IFSO Scheme. In particular, check any internal complaint process documents and templates you have and any training material for your staff.
- Check you are informing customers that the IFSO Scheme is available to provide them with a free complaint resolution service. Use your website and your contractual documents (see templated wording you can use for this below).
Suggested actions:
1. Update the Gallagher disclosure statement regarding your Dispute Resolution Service e.g. your website complaints webpage, and/or "About Us" document, using the wording below:
[Insert name of your Financial Advice Provider] are a Participant of the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme).
You can refer your complaint to the IFSO Scheme if it has not been resolved after going through our complaints process. This is a free, independent dispute resolution service which will consider your complaint and, either reach an agreed outcome, or make a decision.
Contact details: Insurance & Financial Services Ombudsman Scheme, www.ifso.nz or call freephone 0800 888 202, P O Box 10-845 Wellington 6143, New Zealand
2. Download our IFSO Scheme logo to accompany the wording above.
3. In addition, we suggest you tell your customers about your complaints process and the IFSO Scheme when your customers make complaints to you. In our experience, Participants are more successful at resolving complaints early when they provide clear complaints process information to their customers when they receive a complaint. Use this wording:
If we are not able to resolve your complaint through our internal complaint process, you can refer your complaint to the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme). [Insert name of your Financial Advice Provider] is a Participant of the IFSO Scheme. The IFSO Scheme provides a free, independent dispute resolution service to consumers. You can contact the IFSO Scheme by:
Email: info@ifso.nz Website: www.ifso.nz or make an online complaint. Freephone: 0800 888 202 Address: P O Box 10-845, Wellington 6143
About the IFSO Scheme
The IFSO Scheme has been approved by the Minister of Consumer Affairs to provide an external disputes resolution service for consumers with complaints about their financial services providers. Financial service providers are required to belong to a dispute resolution scheme. The IFSO Scheme has over 4,000 Participants and can formally investigate a complaint if it is about a Participant of the IFSO Scheme.
Since 1995, the IFSO Scheme has provided a free and independent service for thousands of consumers. Each year the IFSO Scheme responds to over 5,000 complaint enquiries and resolves over 600 disputes.
