Our investigation

We told Ezra we had no power to consider the performance of the KiwiSaver fund. It was a matter for the Financial Markets Authority. However, we were able to look at the way the bank handled his complaint. We found the bank had given him the information it had an obligation to provide and had done so in a timely manner. However, the information had not answered Ezra’s concerns, and he asked that his concerns be escalated to an independent department. Ezra was not given clear information about this process or what his options were if he was not satisfied with the bank's responses to his concerns. Also, the bank had referred a concern about a specific staff member back to that staff member for a response, and the matter was not therefore properly escalated. The bank acknowledged these deficiencies and offered Ezra $500.

Outcome

Ezra accepted the bank's offer.