better banking

Media releases

International Fraud Awareness Week

13 Nov 2017

This week is International Fraud Awareness week.  The theme is  – how to spot a scam. The Banking Ombudsman Scheme is about resolving and preventing problems to improve banking for customers and banks.  We are passionate about working collaboratively to fight fraud and minimise consumer losses.  

Media Release: Annual Report 2017

17 Oct 2017

The Banking Ombudsman Scheme has released its full annual report detailing another successful year.

“We are really proud of what we have achieved this year”- said Banking Ombudsman, Nicola Sladden. “Our numbers support that we are helping more people, faster, with better service”.  Queries from customers are up 12% with the average timeframe to handle a dispute down. 

 

World Investor Week 2017

04 Oct 2017

In a 2016 Banking Ombudsman case, an elderly couple lost their life savings when they became involved with what they thought was an investment scheme in Hong Kong and it turned out to be a scam.

Within just two months, the couple had cleaned out their term deposits worth $100k and taken out two $10k personal loans to cover fees associated with their new investment opportunity.  It was only when their son started asking questions that the investment scheme was revealed to be a scam.

Money Week- What does debt do for you?

02 Aug 2017

The Banking Ombudsman Scheme is pleased to support Money Week 2017. This year Money Week runs from 14 - 20 August 2017 with the theme ‘what does debt do for you’?

“Lending and debt often feature in banking complaints”- says Nicola Sladden, Banking Ombudsman.

“Debt can allow new opportunities but it also can come at a great cost.”

Opinion: Nicola Sladden on 25 years of putting things right

27 Jul 2017

As the Banking Ombudsman Scheme celebrates its 25th anniversary, the adage comes to mind: the more things change, the more they stay the same.

Banking has changed enormously in recent years – whether in technological innovations, consumer expectations or the regulatory landscape.  Apps have replaced cheques, and banks are effectively open round the clock.

New Quick Guide: Children’s Bank Accounts

26 Jul 2017

The Banking Ombudsman Scheme has a new quick guide on children’s bank accounts. It covers setting up accounts, who owns the money and what happens if things go wrong.

Customer paying his home loan early found himself owing $11k

07 Jun 2017

The Banking Ombudsman recommends customers investigate the full costs of switching home loans.

In one recent case, a customer was offered $3000 as an incentive to accept a home loan on the condition that he stayed with the bank for two years. Five weeks later he decided to change bank and was surprised that he would have to repay the $3000 incentive and a $100 admin fee. Mr J complained to us but we could not find that the bank had done anything wrong.

New Quick Guide: Automatic Exchange of Information

02 Jun 2017

New Zealand has signed up to an international agreement to share information with other tax authorities.  This is a government initiative, designed to make sure everyone pays the right amount of tax when they have interests in multiple countries.  This new quick guide covers what this means for you, and what will happen to the information you provide.

Privacy Week - an opportunity to think about how you share your banking information

09 May 2017

This privacy week take some time to consider how you can control your personal information to avoid financial scams - says the Banking Ombudsman Nicola Sladden.

Credit card balance transfer goes wrong with mistaken payment

10 Jan 2017

A slip of the digits led to complaint about a mistaken payment when a bank customer transferred her credit card balance. Was her complaint upheld?

Complaint about bank letting customer go 20% over card limit

03 Jan 2017

We had concerns about the bank lending to a customer who was unable to pay back his credit card overdraft.

Ding dong over car crash insurance

27 Dec 2016

Was bank to blame for a customer with driving convictions thinking he was covered for car insurance when he had a crash…only to find out that he wasn’t?

Pregnant woman unable to review insurance cover

21 Dec 2016

A bank staffer’s misinformation about a bank’s duty of care led to complaint that was unlikely to succeed.

Don’t bank on spending that Christmas cheque from overseas in a hurry

20 Dec 2016

Be aware that if you bank a foreign cheque you get for Christmas it may take longer to process, says Banking Ombudsman Nicola Sladden.

Don’t expect to be reimbursed for unsound investments, warns Banking Ombudsman

14 Dec 2016

Banking Ombudsman Nicola Sladden said the Banking Ombudsman Scheme had received a spate of complaints from individuals seeking to recoup credit card payments made to binary options trading sites.  

Hard luck for new café owners

07 Dec 2016

A couple’s business experienced problems from the get-go but was their bank at fault?

Early Xmas present for bank customer careless with phone banking PIN

07 Dec 2016

A bank customer who was careless with her phone banking PIN was lucky to get back $5,000 stolen from her account, says Banking Ombudsman Nicola Sladden. 

Spat over access to financial information

01 Dec 2016

A dispute between a trust and a committee led to a complaint about the bank’s response to freeze the committee’s accounts.

Claim for eye surgery costs declined

24 Nov 2016

Man who disclosed eye disorder when taking out insurance later complained when his bank wouldn't compensate for related eye surgery.  Did we think his complaint had merit?

Lunch-time card fail led to complaint about bank’s poor service

17 Nov 2016

Humiliation over not being able to pay for lunch using a debit card at a café led to a complaint about a bank’s poor service.