Financial Complaints Surge by 17%

Financial complaints in New Zealand have risen by 17% for the six months from July to December 2023, with a 36% increase in the number of cases investigated by Financial Services Complaints Limited (FSCL), a financial ombudsman service.

The rise has been attributed to increased cost of living and higher interest rates, with complaints relating to lending products, such as car loans and credit cards, rising accordingly.

There has also been a 50% increase in complaints regarding transactional service providers, including forex dealers and money transfer agencies, which may be due to an increase in fraud and scams.

FSCL recommends that consumers check transaction details carefully and contact lenders or financial service providers at the earliest opportunity to resolve any issues.