Minister of Consumer Affairs John Boscawen has announced formal approval of two new financial service dispute resolution schemes under the Financial Service Providers (Registration and Dispute Resolution) Act.
The two schemes are:
Financial Dispute Resolution; and
Banking Ombudsman Chair Ron Paterson said "the Banking Ombudsman Scheme, having been established in 1992, has the advantages of knowing its industry and having a solid reputation".
Financial Dispute Resolution is the operating name of the Government's backstop, or reserve, scheme. It will be operated by Dispute Resolution Services Limited.
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