13411 (2024). Scott Willis to the Minister of Commerce and Consumer Affairs

13411 (2024). Scott Willis to the Minister of Commerce and Consumer Affairs: What specific improvements, if any, will be made to the dispute-resolution services as part of the proposed Credit Contracts and Consumer Finance Act 2003 reforms?

Hon Andrew Bayly: I am not committing to any specific interventions at this stage. However, I am consulting on several options for improving the financial dispute resolution system, including options which seek to: a. improve consumer awareness and access to dispute resolution schemes – for example by introducing new requirements on how providers must communicate with consumers about complaints and dispute processes, and b. improve scheme effectiveness and consistency of service, for example, by requiring schemes to report on the same key metrics. The member can find out more information about the consultation here: https://www.mbie.govt.nz/business-and-employment/business/financial-markets-regulation/2024-financial-services-reforms/effective-financial-dispute-resolution.