1. How can the Banking Ombudsman scheme help? If it is decided that a bank has acted wrongly and that you have suffered a loss as a result, the Banking Ombudsman can require the bank to pay compensation – up to $200,000 for direct loss or damage, and up to $6,000 for inconvenience (stress, embarrassment etc). If the Banking Ombudsman thinks that the bank has treated you fairly, or has not caused you loss, damage or inconvenience she will tell you so. 2. How do I make a complaint? See How to Make a Complaint. 3. How long will the investigation take? It depends upon the complexity of your complaint and how quickly the necessary information can be obtained. Some complaints can be resolved within a few weeks of our receiving them but other more complex complaints can be quite time consuming and you should therefore be prepared to allow time for a thorough investigation to take place. 4. Is there a charge? No. Our service is free to consumers. 5. How independent is the Banking Ombudsman in making decisions? The Banking Ombudsman is impartial and decides each complaint on its own merits. The Banking Ombudsman is independent of the banks and of government. 6. Do I have to accept the Banking Ombudsman’s decision? No, you do not have to accept any decision the Banking Ombudsman makes. You are always free to go to court or the Disputes Tribunal or any other complaint resolution body, if you wish. 7. What happens if the bank does not accept the Banking Ombudsman’s Recommendation? If you accept the Banking Ombudsman’s final recommendation but the bank does not, you may ask the Banking Ombudsman to issue an Award. An Award is binding on the bank and the bank will have to pay whatever compensation the Banking Ombudsman’s Award requires of it. Awards are rare as banks nearly always accept the final recommendation. 8. Does the Banking Ombudsman investigate all complaints personally? When the Banking Ombudsman decides to investigate a complaint it is assigned to an investigator. The investigator will obtain all the necessary information from both you and the bank to assist in resolving your complaint. If your complaint is unable to be settled with the assistance of the investigator, the Banking Ombudsman will personally review the complaint and will make a decision on it. 9. Do I have to come to a hearing? No. Most complaints can be dealt with by letters and/or by talking to you on the telephone to obtain the necessary information. However, if you wish to have the opportunity to present your case in person, we may be able to arrange a meeting with the Banking Ombudsman or an investigator from the office. The Banking Ombudsman cannot examine either complainants or bank staff under oath. 10. Can someone else complain on my behalf? Anyone can complain on your behalf – for example, a member of your family, a friend or a community law centre. We need your written authority before we can discuss your personal details with that person or obtain the information we need from the bank. 11. Do I need a lawyer? No. The Banking Ombudsman scheme is a free and informal alternative to going to court. In most cases you should not need any financial or legal expertise. The Banking Ombudsman decides if your complaint is valid by looking at the facts – not at the way you present your complaint. If you do decide to employ a professional to present your case for you (for example a solicitor) then you will almost certainly have to pay their costs yourself. You should not expect to get these costs back, even if the Banking Ombudsman upholds your complaint. 12. Is there a time limit for making a complaint? Sometimes. If the bank has issued you with a letter giving you its final decision and telling you to come to the Banking Ombudsman’s office within two months, you will have to lodge your complaint within two months’ from the date of the bank’s letter. If you have known about your complaint for more than twelve months before making your complaint to the Banking Ombudsman, the Banking Ombudsman may decide not to consider it.

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