Consumer Complaints
There are two avenues for a complainant seeking resolution of a dispute with an IBANZ Member:
Independent Dispute Resolution Scheme
IBANZ Discipline and Complaints Committee
These processes are independent of each other and address different issues. IBANZ recommends in the first instance complaints which fall within the jurisdiction of the independent dispute resolution schemes should be taken to the relevant scheme, given the wider powers available to them.
Independent Dispute Resolution Scheme
All insurance brokers are covered by Financial Adviser legislation which requires them to belong to a dispute resolution scheme. There are currently three government approved schemes available for advisers to join:
All three are independent and free to consumers seeking resolution of a dispute. IBANZ Members must disclose which scheme they participate in and provide contact details.
The schemes all follow a similar complaint process:
- Make a complaint to your broker, they have 2 months to resolve the matter
- If the dispute remains unresolved contact their dispute resolution scheme
- The scheme will work with you and your broker to settle the matter as quickly as possible. This may include mediation/conciliation.
- If agreement cannot be reached the scheme will make a decision which is binding on the broker
Examples of complaints schemes can help with include:
- Your contract
- Unfair practices
- Failing to exercise care, diligence and skill when providing financial services
- Claiming to be a financial adviser or providing financial services when they are not allowed to do so
- Failing to comply with disclosure or conduct obligations
- Any other legal obligation that applies to your relationship with your financial service provider (broker).
IBANZ Discipline and Complaints Committee
The purpose of the IBANZ Discipline and Complaints procedures are to resolve disputes between member firms and their clients relating to alleged breaches of the IBANZ Code of Professional Conduct. The intention is to minimise member and client dissatisfaction.
The IBANZ Discipline & Complaints Committee comprises of an independent Chair, two other independent representatives and two broker representatives. Their role is to determine whether or not a breach of the IBANZ Code of Professional Conduct has taken place.
The Committee is only able to look at complaints where the firm is a current paid up Member of IBANZ. Members are listed on this website.
The Committee is not in a position to become involved in matters of claims settlement. It has no jurisdiction in this area, as the contract of insurance is a matter between the insurance company and the insured.
A complaint form must be completed before the complaint can be considered. A copy is available on this web site.
Your attention is drawn to the option to have the complaint referred to mediation.
Please note: If the complaint is the subject of litigation, the Committee is entitled to reserve its view on taking any disciplinary action until after the litigation is finally resolved. The Committee can require the Member to provide full details of the litigation subject to any contractual or legal restraint.
Complaints procedure
- A complaint form is completed by the complainant and sent into IBANZ
- All complaints are referred in the first instance to the member firm concerned, in order that they have an opportunity to respond to the complaint
- Other information may also be sought from either party if the Committee deems it appropriate to get a balanced view of the situation.
- Committee will convene when all information has been received
- Details of the Committee’s determination are relayed to both the complainant and the member firm concerned
- There is no right of appeal to any decision made by the Committee