FinCap welcomes the opportunity to provide comment on the Financial Service Providers (Registration and Dispute Resolution) Amendment Bill.

Financial Mentors have reported systemic issues around the accessibility, inconsistency and lack of quality across the four financial dispute resolution schemes.

As a result FinCap recommends the bill needs to go further and immediate action is required to develop a single financial dispute resolution scheme. Bringing this under one entity, will create a better environment for addressing these issues and is preferable to the proposed changes. It will also bring New Zealand into line with similar actions by the Unite Kingdom and Australia.

"We need to consolidate to a single financial resolution scheme to realise more consistent, timely and effective resolution when whānau need it most," says FinCap Senior Policy Advisor Jake Lilley.

Read the submission here.