You can read our latest news and updates in this section.
Increased compensation limits for financial disputes
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.
FDRS Christmas hours 2023
The Financial Dispute Resolution Service office will be closed from 4pm on Friday 22 December 2023, reopening on Monday 8 January 2024.
FDRS Members' Forum and Annual General Meeting 2023
The Annual Members’ Forum and the Annual General Meeting of the Financial Dispute Resolution Service (FDRS) will be held at Level 4, 142 Lambton Quay, Wellington, on Tuesday 31 October 2023 commencing at 3.30 pm.
Where to from here?
The licensing and attendant legal regime is now in full force for those offering regulated financial advice in NZ. But now that all measures are in place (CoFI excepted), what’s next and where do we go from here?
FDRS Christmas Hours
The Financial Dispute Resolution Service office will be closed from 5pm Friday 23 December 2022, reopening from 8.30am on Wednesday 4 January 2023.
Lessons for insurers, brokers and insured
FDRS has recently seen several complex finance and insurance cases with similar themes. In this article, we share a sample case study based on these combined cases so that no party or case can be identified, followed by a discussion of the outcomes and themes.
Reminder: FDRS Members' Forum and AGM
Financial Dispute Resolution Service (FDRS) members are welcome to join us next week for our Annual Members’ Forum and Annual General Meeting.
FDRS Members' Forum and Annual General Meeting 2022
Notice of Members' Forum and Annual General Meeting 2022
Tuesday 11 October 2022, 2.30 pm
Open at Red
FDRS remains open for business at all traffic light settings. While at Red, most of our team will be working from home. You can continue to get in touch with our team as usual. We will use videoconferencing and online meeting platforms to deliver services where possible.
Christmas Hours
The Financial Dispute Resolution Service office will be closed from Saturday 25 December 2021, reopening on Wednesday 5 January 2022.
Updated scheme rules
We are pleased to advise Scheme members and consumers that updated FDRS Scheme Rules are in effect from 1 November 2021.
Notice of Member's Forum and Annual General Meeting
NOTICE IS HEREBY GIVEN that the Annual Members’ Forum of the FINANCIAL DISPUTE RESOLUTION SERVICE (FDRS) will be held at Level 4, 142 Lambton Quay, Wellington, on Tuesday 19 October 2021 commencing at 3:00 pm.
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the FINANCIAL DISPUTE RESOLUTION SERVICE (FDRS) will be held at Level 4, 142 Lambton Quay, Wellington, on Tuesday 19 October 2021 commencing at 3:30 pm.
COVID-19 Update - August 2021
FDRS remains open across all Alert Levels. While at Alert Level 4 and Alert Level 3, our team will be working from home and delivering services through our virtual office.
Here to help - financial dispute schemes
Did you know there are four dispute resolution schemes in New Zealand who can help with complaints about financial services?
COVID-19 Update - June 2021
Wellington is at Alert Level 2. The rest of New Zealand is at Alert Level 1. These Alert Levels are in effect from 6pm on Wednesday 23 June until 11:59pm on Tuesday 29 June 2021.
Due Diligence guidance for consumer credit providers
The Commerce Commission has released new due diligence guidance for consumer credit providers.
From 1 October 2021, directors and senior managers of consumer credit providers, including mobile traders selling goods on credit, will need to exercise due diligence to ensure that the creditor complies with its duties and obligations under the Credit Contracts and Consumer Finance Act 2003 (CCCF Act).
Review of approved financial dispute resolution scheme rules
The Ministry of Business, Innovation and Employment (MBIE) is currently seeking submissions on the rules for approved dispute resolution schemes.
Commerce Commission – Fit and Proper Person Certification
From 1 October 2021 all consumer credit lenders and mobile traders must be certified as ‘fit and proper’ under the Credit Contracts and Consumer Finance Act 2003 (CCCF Act) by the Commerce Commission (the Commission).
COVID-19 update - 7 March 2021
Auckland will move to Alert Level 2 and the rest of New Zealand will return to Alert Level 1 from 6am on Sunday 7 March. This will be reviewed again during the course of the week.
FDRS remains open for business throughout New Zealand. The FDRS team will be in touch if you have a face to face event scheduled in Auckland over the coming days.
COVID-19 update - 28 February 2021
Auckland is at Alert Level 3. The rest of New Zealand is at Alert Level 2. These Alert Levels came into effect from 6am on Sunday 28 February and will be in place for 7 days.
FDRS remains open for business throughout New Zealand. While at Alert Level 3, the FDRS team in Auckland will be working from home and delivering services through our virtual office. The rest of the country is now at Alert Level 2.
COVID-19 update - 14 February 2021
FDRS remains open for business throughout New Zealand. While at Alert Level 3, the FDRS team in Auckland will be working from home and delivering services through our virtual office. The rest of the country is now at Alert Level 2.
Financial Dispute Resolution Service Christmas Hours
The Financial Dispute Resolution Service office will be closed from Friday 25 December 2020, reopening on Tuesday 5 January 2021.
Notice of Member's Forum and Annual General Meeting
NOTICE IS HEREBY GIVEN that the Annual Members’ Forum of the FINANCIAL DISPUTE RESOLUTION SERVICE (FDRS) will be held at Level 4, 142 Lambton Quay, Wellington, on Tuesday 20 October 2020 commencing at 3:00 pm.
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the FINANCIAL DISPUTE RESOLUTION SERVICE (FDRS) will be held at Level 4, 142 Lambton Quay, Wellington, on Tuesday 20 October 2020 commencing at 3:30 pm.
Members may also attend online. Zoom meeting details will be circulated to confirmed attendees prior to the meeting.
COVID-19 – Alert Level 2
Updated 31 August 2020
FDRS remains open for business.
- You can continue to get in touch with our team as usual – by phone, email and using our online forms
- We can use videoconferencing and online meeting platforms to deliver our services
- All planned mediations and adjudications will proceed.
COVID-19 – Update from FDRS
Updated 12 August 2020
FDRS remains open for business throughout New Zealand. While at Alert Level 3, the FDRS team in Auckland will be working from home and delivering services through our virtual office. The rest of the country is now at Alert Level 2.
Simon Roughton appointed to Financial Dispute Resolution Service's Advisory Council
Updated 8 July 2020
Financial Dispute Resolution Service has announced the appointment of Simon Roughton to its Advisory Council.
Simon fills the previously vacant Consumer Representative role.
Read full entryAlert Level 2 – Update from FDRS
Updated 14 May 2020
At the Financial Dispute Resolution Service, the wellbeing of our people and customers is a priority for us so we are continuing to closely monitor the official guidance around COVID-19.
Read full entryAlert Level 3 – Update from FDRS
Updated 28 April 2020
FDRS remains open for business at Alert Level 3.
Since the initial lockdown, the FDRS team have been working from home and delivering services through our virtual office.
Read full entry
COVID-19 – Update from Financial Dispute Resolution Service
Updated 23 March 2020
Like you we have been preparing for the situation that has just been announced.
In doing so we have been developing our working from home capability and completing the creation of our virtual office.
Financial Dispute Resolution Service Christmas Hours
Wednesday 18 December, 2019
The Financial Dispute Resolution Service office will be closed from Wednesday 25 December 2019 to 5 January 2020. Financial Dispute Resolution Service will re-open as normal at 8am on Mon 6 January 2020.
Trevor Slater appointed to Financial Dispute Resolution Service’s Advisory Council
Thursday October 24, 2019
Financial Dispute Resolution Service has announced the appointment of Trevor Slater to its Advisory Council.
Notice of Members' Forum 2019 and Notice of Annual General Meeting 2019
Thursday September 19, 2019
Notice of Members' Forum and Annual General Meeting at Level 4, 142 Lambton Quay, Wellington on Tuesday 22 October 2019 at 3:00pm and 3:30pm respectively.
Notice regarding Cryptopia
Friday May 17, 2019
On Wednesday 15 May we were notified by the Financial Service Provider Register that Cryptopia was being deregistered as a financial service provider.
Financial Dispute Resolution Service Christmas Hours
Wednesday December 19, 2018
The Financial Dispute Resolution Service office will be closed from 22 December 2018 to 6 January 2019.
FDRS appoints new council member
Monday December 10, 2018
Financial Dispute Resolution Service has announced the appointment of Ms. Toni Dodds to its Advisory Council.
The Advisory Council provides guidance and support to Financial Dispute Resolution Service. Financial Dispute Resolution Service is an approved dispute resolution scheme for financial service providers in New Zealand. The scheme is managed by FairWay Resolution Limited, New Zealand’s largest specialist conflict management and dispute resolution organisation who handle over 16,000 disputes, reviews and enquiries each year.
Notice of Members' Forum 2018 and Notice of Annual General Meeting 2018
Wednesday October 10, 2018
Notice is hereby given that the Annual Members’ Forum and Annual General Meeting of the Financial Dispute Resolution Service will be held at Level 4, 142 Lambton Quay, Wellington, on Tuesday 23 October 2018.
Top Tips for Resolving Complaints
Thursday June 28, 2018
Written by Trevor Slater, Client Director
Complaints can happen anywhere, anytime, especially so in the financial industry where we deal with peoples’ finances and futures. If there is one thing you can guarantee someone will complain about, it’s anything money related.
That is why it is so important that financial providers are prepared and have a good internal complaints process in place. Being able to reach an early resolution is very important as it saves you time, money and stress as well as protecting your reputation and client relationships.
Financial Dispute Resolution Service Christmas Hours
Tuesday December 12, 2017
The Financial Dispute Resolution Service team will be available across the Christmas and New Year period, except for the official statutory days.
Welcome to the new look Financial Dispute Resolution Service!
Monday November 20, 2017
An article written by Trevor Slater
We thought it was time to refresh the look of Financial Dispute Resolution Service and make sure all our customers can find the information they need in a quick and easy way.
We have redesigned our website so it has a completely new look and feel and we have created a simple and easy to follow brochure. We hope you find these new resources useful.
Territorial scope of FSP ACT translates into customer complaints
Financial Dispute Resolution Service, an approved dispute resolution scheme working with members across all financial services, has seen issues in the financial service sector translate into consumer complaints.
The scheme’s Annual Report identifies the territorial scope of the Financial Service Provider Act as a big issue for the financial services industry.
Trevor Slater, Client Director of Financial Dispute Resolution Service, explains how this issue affects the financial sector.
FDRS appoints high profile Director
Financial Dispute Resolution Service (FDRS) has appointed Trevor Slater as its new Client Director.
Trevor’s extensive expertise within the financial service sector and experience as commercial mediator, negotiator and trainer, make him a natural fit for leading Financial Dispute Resolution Service.
Financial Dispute Resolution Service is an approved dispute resolution scheme for financial service providers in New Zealand. The scheme is managed by FairWay Resolution, New Zealand’s largest specialist conflict management and dispute resolution organisation. FairWay is an independent, employee-owned organisation that handles over 14,000 disputes, reviews and enquiries each year.
Read full entry
Business decisions can run afoul of the Responsible Lending Code
Wed July 06, 2016
An article written by Jennifer Mahony
The Houston Chronicle reported on 1 June 2016 that Uber was offering leases on new cars as an incentive for new contract drivers. The car lease fee is deducted weekly from the driver’s earnings, regardless of how much—or how little—they earn that week. If they fail to make a payment, Xchange repossesses the car. One could argue that Uber is simply removing a barrier for those who wish to drive for them, and in doing so, is making it easy for the driver to meet lease obligations and for Uber to protect its investment. However, there are a number of issues with this arrangement.
Putting aside the potential employment issues, two other potential issues arise...