How We Can Help You | Banking Ombudsman

The Banking Ombudsman scheme was set up in 1992 as a free, external 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 Participating Banks – see Participating Banks.

At this stage, the important things for you to know are that 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 this is the kind of complaint you think you have, then you can telephone, fax, write to or email us, or lodge a complaint by filling in the online complaints form.

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;
•	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 found to be justified, there is power to award compensation to cover direct financial loss or damage up to $200,000 and to compensate 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 your complaint does not fall within the Banking Ombudsman's jurisdiction?

If you have a complaint concerning the provision of an insurance service and that service does not involve a bank, your complaint may be able to be considered by the Insurance and Savings Ombudsman.

If your complaint is against a financial institution that is not a participating bank in the Banking Ombudsman Scheme, your complaint may be able to be referred to the Financial Services Federation of New Zealand.

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.