How we can help you
The Banking Ombudsman scheme was set up in 1992 as a free and independent process to help people sort out their unresolved problems with banks.
Anyone can use the scheme, including groups of people such as partnerships, clubs and companies, so long as the complaint is against one of the banks in the scheme – see participating banks.
You can complain to the Banking Ombudsman if:
- your complaint is about a specific banking service that the bank has provided to you
- you are complaining that the bank’s actions have directly caused you to suffer financial loss or damage and/or inconvenience
- the amount of financial loss you claim is less than $200,000
- the complaint is about something that happened after 1 January 1992.
If you think your complaint is one that the Banking Ombudsman can consider, then you can telephone, fax, write to or email us, or lodge a complaint by filling in the online complaints form. If you are not sure, then contact us for advice.
See the complaints process.
Are there any complaints which the Banking Ombudsman cannot deal with?
The Banking Ombudsman cannot deal with complaints:
- about a bank’s commercial judgement, eg whether it should lend you money
- about a bank’s interest rate policies or the amount of its standard fees and charges
- if your claim is for more than $200,000.
What do we offer you?
The Banking Ombudsman scheme offers you:
- an opportunity to resolve your dispute with your bank, at no cost to you
- an alternative to going to court
- an independent consideration of your complaint.
What powers does the Banking Ombudsman have?
The Banking Ombudsman has very considerable powers. Some complaints are resolved at an early stage when a settlement acceptable to both sides is reached. If this does not happen, and after a full investigation your complaint is upheld, there is power to award compensation for direct financial loss or damage up to $200,000 and for inconvenience up to $6,000.
There is also power to make other recommendations as necessary, such as the correction of a mistake, the return or disclosure of documents or the restoration of an account.
The Banking Ombudsman cannot award punitive or exemplary damages, or give legal advice or rule on points of law.
What if the Banking Ombudsman cannot consider your complaint?
Some of the restrictions on the Banking Ombudsman's powers can be waived by the bank against which the complaint is made. Please contact us for details.
If you have a complaint about an insurance service and that service does not involve a bank, the Insurance and Savings Ombudsman may be able to consider your complaint.
If your complaint is against a financial institution that is not a participating bank in the Banking Ombudsman Scheme but is a member of the Financial Services Federation of New Zealand, that organization may be able to consider your complaint.
If your complaint is about an overseas bank, please see the list of dispute resolution agencies on our links page.
For other complaints services, see www.complaintline.org.nz.