Regulators

New Zealand Financial Dispute Resolution Service (FDR)

FDR is a free service agency whose function is to resolve disputes between investors and providers of financial services and advice.

Organization Profile

Introduction: FDR is a free service agency whose function is to resolve disputes between investors and providers of financial services and consulting.
A financial service provider is an institution that may have provided you with financial advice, loans, payroll advances, loans, or installment purchases. Financial advice can include advice about insurance, mortgages, or retirement planning.
Contact
Tel: 0800 78 88 77 (language services can be requested) / 64 4 910 9952
Fax: 04 918 4901
Email: [email protected]
Address: Freepost 231075, PO Box 2272, Wellington 6140

Complaint Process

When you have a dispute with a foreign exchange dealer, you can resolve the problem in 3 steps:
Step 1: Contact the Forex Dealer directly
When you have a complaint, the best way is to contact the Forex dealer directly to help resolve it.
Step 2: If you are not satisfied with the processing result of the foreign exchange dealer, you can file a complaint with FDRS in New Zealand
If you are not satisfied with the dealer's response, or have not received a response from the dealer within 2 months, you can contact FDRS New Zealand for a free complaint. If you have problems with the complaint process, you can call +64 0508 337 337 for assistance.
There are two ways to complain:
(1) Submit a complaint online to FDRS New Zealand.
Online Complaint Address: https://fdrs.org.nz/complaints/make-a-complaint/
Online Complaint Form Translation Reference Template (please click the image below to view the template):

(2) Submit a complaint to the New Zealand FDRS by mail.
Email: [email protected]
When filing a complaint by mail, the address of the complaint form to be downloaded: https://fdrs.org.nz/assets/3077e5637a/FDRS-Complaint-form.pdf
Complaint form translation reference template (please click the image below to view the template):

Step 3: File a complaint in court
If you are not satisfied with the response of the foreign exchange dealer or the FDRS in New Zealand, you can take a complaint to court.

FDRS member inquiry

Before you file a complaint with FDR New Zealand, you must check to see if the object of your complaint is an FDR member, otherwise FDR will not be able to process your complaint.
New Zealand FDR member search address: https://fdrs.org.nz/become-a-scheme-member/scheme-member-search/

FDRS complaint handling process

New Zealand's FDRS may act as a mediator to mediate the dispute between the parties after learning the details of the complaint. If mediation is unsuccessful and an agreement cannot be reached, the FDRS will make a binding decision on the dealer.
In investigating your complaint, the adjudicator will refer to relevant law, industry practice and matters of fairness and reasonableness.
The adjudicator will draft an interim decision and allow time for both parties to respond before issuing a final decision.
FDRS New Zealand may communicate with you via email, telephone, Skype and face-to-face.

Complaint Handling Time

2-7 months. Most complaints can be handled within 2 months, and the longest complaint handling time is about 7 months.

FAQ

1. How do I know if my complaint is within the scope of financial services?
A: Financial services is about how you manage your money, credit, insurance and investments, this includes:
- Financial advice on investments and money management
- Mortgage, savings and checking accounts and loans
- Insurance (including personal, health, home/property and vehicle)
- Retail Loans and Credits
- Foreign currency exchange (including buying and selling)
- Remittance
- Crowdfunding or P2P lending (person-to-person lending).
If you are unsure, you can call the FDRS for help.
2. Do I need to pay for a complaint to FDRS?
A: There is no charge. FDRS New Zealand provides a free complaints service to customers.
3. Can the FDRS handle complaints over NZ$200,000?
Answer: No. The New Zealand FDRS cannot help with complaints over NZ$200,000.
4. What should I do if the complaint has been lodged with the dealer for more than 2 months, but the complaint has not been resolved?
A: If you complain to the dealer for more than 2 months, it means that the dealer cannot handle your complaint. You should complain to FDRS New Zealand and ask them to help you with your complaint.
5. Can I authorize a representative to help me with my complaint?
Answer: Yes. The complainant can authorize anyone to help with the complaint, such as relatives, friends or lawyers.
6. If the trader is a re-registered trader with the FSPR or his FDRS membership has ceased, can I still file a complaint with the FDRS?
A: It is possible. If the complaint occurred after 2010 and the trader was still an FDRS member at that time, you can try to file a complaint with FDRS.
7. How long does FDRS take to process complaints?
Answer: 2-7 months. FDRS takes into account the circumstances of all stakeholders. Most complaints can be handled within 2 months, and the longest complaint handling time is about 7 months. FDRS will keep complainants up to date.

Related Links

New Zealand FDR online complaint address: https://fdrs.org.nz/complaints/make-a-complaint/
New Zealand FDR Mail Complaint Download Form: https://fdrs.org.nz/assets/3077e5637a/FDRS-Complaint-form.pdf
New Zealand FDR member search address: https://fdrs.org.nz/become-a-scheme-member/scheme-member-search/
New Zealand Financial Markets Authority FMA: http://fma.govt.nz
New Zealand Financial Services Providers Registry FSP: https://www.companiesoffice.govt.nz/fsp
New Zealand Financial Services Complaints Corporation FSCL: http://www.fscl.org.nz
New Zealand Financial Services Commission: http://fsc.org.nz/

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