The New Zealand Financial Markets Authority (FMA) released consumer research alongside an information sheet calling on financial service providers to do more to help customers complain and to make clear how complaints will be handled. The research found fewer than one-third of people are confident they know how to complain about a financial service provider, while those who wanted to complain but did not cited barriers including doubts about outcomes, not knowing how to complain and perceptions that it is difficult. Almost one in three complaints (31%) were reported to go unresolved, 33% of non-complainants who wanted to complain thought there was no point because nothing would happen, and 57% of complainants were satisfied with the handling of their complaint while 21% were dissatisfied. The information sheet sets expectations that complaints processes should be visible, easy to use, accessible, fair, transparent and proactive, with lessons learned integrated into business processes, and flags issues such as processes being hard to find on websites, unnecessary information requirements and defensive or dismissive treatment. Complaints are identified as a focus area in the FMA’s Financial Conduct Report priorities for the year, under ensuring customers are treated fairly when things go wrong.
New Zealand Financial Markets Authority 2025-09-30
New Zealand Financial Markets Authority publishes research and guidance urging firms to make complaints processes more accessible
The New Zealand Financial Markets Authority released consumer research and an information sheet urging financial service providers to improve complaint handling, highlighting that fewer than one-third of consumers know how to complain and many face barriers. The FMA emphasizes that complaint processes should be visible, accessible, and fair, with findings integrated into business practices, aligning with its Financial Conduct Report priorities.