Financial Dispute Resolution Service: Who Qualifies and What You Get
Learn how to access free mediation services if you have a dispute with a financial broker in New Zealand.
This service provides a way to settle disagreements between individuals and financial service providers through mediation. It acts as a structured pathway for resolving issues that cannot be settled through standard customer service channels.
Who it's for
This service is specifically designed for retail clients. If you are an individual using the services of a financial provider, you may qualify to use this mediation process to address your grievances.
What you get
If you are unable to reach an agreement with your provider, you can access free mediation. This process is designed to help resolve disputes with brokers, providing a neutral way to address concerns without the immediate need for legal intervention.
What it costs you
Using this service is free for qualifying individuals. However, this is dependent on your broker's status; the service is free provided that the broker is a registered member of the organization.
The catch to know
The most important thing to remember is that you cannot jump straight to mediation. You must first attempt to resolve the issue with the broker directly. You should maintain records of your attempts to settle the matter through the broker's own internal processes before seeking external help.
How to apply
- Identify the specific issue you have with your broker.
- Contact the broker directly to lodge a formal complaint and attempt to reach a resolution.
- If the dispute remains unresolved, verify that your broker is a member of the service.
- Follow the official procedures provided by the service provider to initiate the mediation process.