Financial Service Providers (Registration and Dispute Resolution) Amendment Bill
This bill makes changes to how financial dispute resolution schemes — the free services that help everyday customers sort out complaints with banks, insurers, and other financial providers — are overseen. It gives the Government more control over regular independent check-ups of these schemes, and allows rules to be set about who can sit on the boards that run them, including how independent those board members must be from the financial industry.
What this affects
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The bill tightens oversight of the free complaint services that help everyday people resolve disputes with banks, insurers, and other financial providers.
The Minister must ensure that each approved dispute resolution scheme is reviewed under this section at least once every 5 years.
prescribing requirements for the membership of the board or other governing body of the person responsible for an approved dispute resolution scheme... including requirements to ensure that the board or other governing body is reasonably independent of any financial service provider or group of financial service providers
Progress through Parliament
Have your say
This bill is open for public submissions to the Finance and Expenditure Committee. Anyone can tell the committee what they think, and you don’t need to be an expert. Submissions close 22 June 2025.
Bill text sourced from legislation.govt.nz (Parliamentary Counsel Office). Arapono’s summary and breakdown are drafted with AI grounded in that official text and reviewed by an Arapono editor for accuracy and neutrality before publishing. Arapono is non-partisan and takes no position on this bill.