Banking Ombudsman Scheme

What Banking Ombudsman Scheme does

The Banking Ombudsman Scheme is a New Zealand-based, free, and independent dispute resolution service established in 1992 and operated as Banking Ombudsman Scheme Limited. It serves individual bank customers, businesses, and accessibility-assisted users across New Zealand by investigating and resolving complaints against participating banks, covering disputes related to fraud, scams, transaction errors, lending, service problems, financial hardship, privacy, and insurance. The scheme is funded by participating banks through membership fees and operates independently of banks, government, and consumer groups under a six-member board structure (two bank, two consumer, one independent director, and an independent chair).

The service is built on a digital case management backbone and a SilverStripe-hosted website (bankomb.org.nz), supported by Xima Chronicall phone recording, SurveyMonkey for satisfaction surveys, and MailChimp for stakeholder communications. Its core products are the Early Resolution Service (facilitated settlement before formal dispute) and the Disputes Service (formal investigation and binding decisions up to $500,000), complemented by a public Complaints Dashboard, Quick Guides, Case Notes, Quarterly and Annual Reports, Special Assistance Services in eight languages plus NZ Sign Language, and a scam-prevention documentary series. In 2024-25 the scheme helped more than 5,800 bank customers and facilitated over $2 million in compensation or refunds.

The scheme holds statutory status as an approved dispute resolution scheme under the Financial Service Providers (Registration and Dispute Resolution) Act 2008, and has signed MOUs with the Financial Markets Authority and the Reserve Bank of New Zealand. It is a member of the Australian and New Zealand Ombudsman Association (ANZOA), the New Zealand Anti-Scam Alliance, and the Tūhono Collective for cultural mediation. In 2025 the scheme expanded its jurisdiction to include complaints about receiving banks, and underwent a board refresh with three new directors and a new Chair (Michael Heron KC) taking over in January 2026.

Name

Banking Ombudsman Scheme

Legal name

Banking Ombudsman Scheme Limited

Website

https://bankomb.org.nz

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

The Banking Ombudsman Scheme is a New Zealand statutory, free, and independent dispute resolution service that investigates and resolves complaints between bank customers and participating banks, handling more than 5,800 cases and over $2 million in compensation annually.

Ownership category

akta.pro rank

Product category

Banking Dispute Resolution Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Deposit Operations (Account Maintenance, Fees, Reconciliations) (FSABALAE)

akta.pro secondary industry

Chargeback & Dispute Management (FSAMALAC)

Keywords

• Banking dispute resolution
• Financial ombudsman services
• Banking complaints investigation
• Consumer banking mediation
• Banking sector regulation

Headquarters

HQ city

Wellington

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Pricing tiers

Distribution channels6 records

Marketing channels7 records

Core offering

The Banking Ombudsman Scheme provides a free and independent dispute resolution service for New Zealand bank customers. It investigates complaints about banks through two main processes - the Early Resolution Service (facilitating agreement) and the Disputes Service (formal investigation with binding decisions), with capacity to recommend compensation up to NZD 500,000. The scheme is funded by participating banks and serves as an approved dispute resolution scheme under New Zealand's Financial Service Providers Act.

Product overview

The Banking Ombudsman Scheme is a dispute resolution service for banking complaints in New Zealand, not a traditional SaaS product. The core offering is a dispute resolution service comprising two main processes: the Early Resolution Service (which facilitates agreement between customers and banks) and the Disputes Service (which involves formal investigation and binding decisions). Supporting these core services are informational products including Quick Guides (practical guides on banking topics), Case Notes (real-life case summaries), and a Complaints Dashboard (industry-wide transparency data). The scheme also provides Quarterly and Annual Reports for transparency, Special Assistance Services for accessibility, and educational initiatives like the 'You've Been Scammed by Nigel Latta' documentary series. The service is free, independent of banks and government, and accessible via web form, email, phone, or post.

Differentiator

Problem solved

Functional benefit

Products and services

• Banking Ombudsman Scheme Dispute Resolution Service A free, independent dispute resolution service that investigates complaints by customers about their banks, offering both early resolution facilitation and formal decision-making processes. Available to all New Zealand bank customers.
• Early Resolution Service A service that helps customers and banks work together to resolve complaints by referring complaints to banks, providing advice, sharing quick guides and case notes, and facilitating agreed outcomes before formal consideration. Available to New Zealand bank customers.
• Disputes Service A formal complaint consideration process where the scheme gathers information, facilitates resolution through settlement or views, and makes binding decisions on disputes. Available to New Zealand bank customers who cannot resolve complaints through early resolution.
• Complaints Dashboard An industry-wide dashboard providing transparent data about complaints received by banks, including detailed information about each bank's complaints, top problem areas, and products generating complaints. Available to the public and industry stakeholders.
• Quick Guides Practical, easy-to-understand guides covering various banking topics including bank accounts, cards, fraud and scams, savings and investment, lending, and payment systems to help customers resolve problems. Available to bank customers and the public.
• Case Notes Real-life case summaries that the scheme has investigated, providing stories similar to customer situations to help resolve problems or understand how complaints might be handled. Available to bank customers.
• Quarterly Reports Quarterly published data and insights about cases received and resolved, providing breakdowns by bank, top problem areas, resolution times, and compensation paid. Available to industry stakeholders and public.
• Annual Reports Annual reports outlining the organisation's performance for the year, including financial statements and operational insights. Available to stakeholders and the public.
• Special Assistance Service Support services for customers with impairments or limited English, including interpreters from Connecting Now, NZSL support, and materials in multiple languages including Maori, Chinese, Hindi, Korean, Punjabi, Samoan, and Tongan. Available to bank customers requiring accessibility support.
• You've Been Scammed by Nigel Latta Documentary Series A four-part TVNZ documentary series, created with support from NZ banks, to help New Zealanders understand the psychology of scams and how to protect themselves against scammers. Aimed at the general public.

Quantifiable outcome

• More than $2 million in compensation/refunds facilitated annually
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Financial Markets Authority (FMA)coreStrategic or Co-development Partner · 2 March 2026Memorandum of understanding for consultation, cooperation and information exchange between FMA and Banking Ombudsman Scheme to assist each other subject to relevant legislation and Scheme rules.
• New Zealand Anti-Scam AlliancecoreStrategic or Co-development Partner · 10 July 2025Cross-sector initiative to improve New Zealand's ability to prevent and respond to online financial scams. The Banking Ombudsman Scheme is an active participant supporting the Alliance's work.
• Tūhono CollectivecoreStrategic or Co-development PartnerPartnership for expert advice and support during formal mediations. Tūhono Collective provides cultural expertise and mediation support to enhance the scheme's dispute resolution services, including consideration of tikanga in complaint processes.
• Reserve Bank of New Zealand (RBNZ)coreStrategic or Co-development PartnerMemorandum of understanding for consultation, cooperation and information exchange between RBNZ and Banking Ombudsman Scheme subject to relevant legislation and Scheme rules.
• Australian and New Zealand Ombudsman Association (ANZOA)minorStrategic or Co-development PartnerProfessional association and peak body for Ombudsmen in Australia and New Zealand. The Banking Ombudsman is an executive member. ANZOA sets standards including Benchmarks for Industry-Based Customer Dispute Resolution.
• NZ Bankers AssociationcoreStrategic or Co-development PartnerSets the Code of Banking Practice principles. The Association chooses bank representatives for the Scheme's board. Scheme coordinates with NZBA on participation agreements and banking codes.

Scale indicators6 records

Recent moves12 records

Expansion highlights12 records

Others

• Citizens Advice Bureau (NZ) (Citizens Advice Bureaux): New Zealand's free community-based consumer advice service that helps citizens navigate complaints including banking issues. Functions as a frontline referral and triage layer for the Banking Ombudsman Scheme.
• Commerce Commission (NZ): New Zealand's competition and consumer protection regulator. Related ecosystem participant that enforces consumer protection and competition laws overlapping with banking conduct, but does not perform individual dispute resolution.

Direct peers

• Financial Services Complaints Ltd (FSCL NZ): Another New Zealand approved dispute resolution scheme covering financial services providers. Operates on a virtually identical governance and funding model to the Banking Ombudsman Scheme.
• Insurance & Financial Services Ombudsman Scheme (IFSO NZ): New Zealand's approved dispute resolution scheme for insurance and financial services. Directly comparable in jurisdiction, governance model (industry-funded, free to consumers), and approved scheme status under NZ law.
• Australian Financial Complaints Authority (AFCA): Australia's single external dispute resolution scheme for financial services. Directly comparable as a free, independent dispute resolution body funded by member financial firms, with binding decisions and compensation recommendations.
• Financial Ombudsman Service (UK): The UK's statutory ombudsman for financial services complaints, resolving disputes between consumers and financial firms. Directly comparable in mission, structure, and free-to-consumer dispute resolution model.
• Utilities Disputes Ltd: New Zealand's approved dispute resolution scheme for utilities and telecommunications. Highly comparable structurally as a free, industry-funded, independent scheme with binding decisions.
• Telecommunications Dispute Resolution (TDR NZ): New Zealand's industry-funded dispute resolution scheme for the telecommunications sector. Operates on the same approved-scheme framework and free, independent complaint model as the Banking Ombudsman Scheme.

Regional players

• Ombudsman for Banking Services (South Africa): South Africa's banking-specific ombudsman offering free, independent dispute resolution for bank customers. Closely comparable in mandate and structure, but operates in a different geography.
• Financial Services and Pensions Ombudsman (Ireland): Ireland's statutory ombudsman for financial services complaints. Comparable in free, binding dispute resolution mandate, though operates under Irish statute and EU regulatory frameworks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Banking Ombudsman Scheme