The following documents have been updated with amendments to the scheme's rules, effective 1 January 2021.

  • Terms of reference
  • Operational guidelines
  • Constitution 
  • Participation agreement

 

Annual report

Our annual reports can be accessed here.

Strategic plan

View our strategic plan for 2017-2020.

Terms of reference

The terms of reference define the principal powers and duties of the Banking Ombudsman, and also set out limits to those powers. In accordance with the Banking Ombudsman constitution, alterations to the terms of reference require approval by the Board of the Banking Ombudsman Scheme Ltd.

Operational guidelines

These guidelines explain how the scheme’s rules (or “terms of reference”) work in practice. Further help can be found in information sheets outlining scheme processes.

Constitution

The constitution defines and codifies the objects of the Banking Ombudsman Scheme, as well as rules for the governance of the scheme.

Participation agreement

Following on from the incorporation of Banking Ombudsman Scheme Ltd, the participation agreement sets out legal arrangements between the Banking Ombudsman Scheme and banks participating in the scheme.

Participation criteria

To be eligible to become a member of the Banking Ombudsman Scheme, an organisation must be under the supervision of the Reserve Bank, comply with the Reserve Bank’s prudential requirements and be able to demonstrate effective complaints-handling procedures, including:

  • having a nominated, suitably qualified and senior person to deal with complaints
  • having a clearly documented internal complaints process that makes reference to the Banking Ombudsman Scheme
  • making complaints-related information available through its internal dispute resolution process, on its website(s) and via the Banking Ombudsman Scheme’s brochure (copies of which are clearly displayed in branches)
  • having freephone complaint numbers for customers to call.

FMA memorandum of understanding

The memorandum of understanding is a statement of the intent of Financial Markets Authority and BOS to consult, cooperate and exchange information to assist each other subject to the relevant legislation and the Scheme rules.

RBNZ memorandum of understanding

The memorandum of understanding is a statement of the intent of Reserve Bank of NZ and BOS to consult, cooperate and exchange information to assist each other subject to the relevant legislation and the Scheme rules.

The Code of Banking Practice

The principles of good banking practice as set out by the NZ Bankers Association. 

Click here for the full version. 

Click here for the easy read version.