The KiwiSaver quick guide can be found at: https://www.bankomb.org.nz/news-and-publications/quick-guides/item/kiwisaver#.U18uQPmSzNs
media release – 29 April 2014
KiwiSaver complaints on the increase
The Banking Ombudsman Scheme has had a 51% increase in KiwiSaver cases compared to last year and expects complaints to
continue increasing as the value of KiwiSaver savings grows and participant banks take more of the market.
There were 59 KiwiSaver complaints to 31 March, compared with 39 for the same period the previous financial year.
Banking Ombudsman Deborah Battell says she has issued a new guide on KiwiSaver so people know how to go about making a
complaint. The guide covers who to complain to, the main areas of complaint, and how the Banking Ombudsman Scheme
approaches compensation.
“The majority of complaints are about the inability to withdraw funds, especially on hardship grounds. The quick guide
sets out the circumstances in which funds can be accessed – financial hardship, purchasing a first home, serious
illness, or permanent move overseas.
“The guide also deals with how we compensate customers where we consider inadequate information about KiwiSaver has been
provided,” Ms Battell said.
She said some complainants are not aware the dispute resolution scheme they complain to will be different depending on
whether the issue is about a decision made by the scheme provider or its trustee.
The quick guide will be continually updated as it is likely the types of complaint will evolve over time as the
investment becomes more valuable.
ends