Financial Dispute Resolution Service

Office address: 142 Lambton Quay, City, Wellington 6011
Website: fdrs.org.nz
Year established: 2010
Company type: external dispute resolution (EDR)
Employees: N/A
Expertise: dispute resolution, financial complaints handling, mediation, facilitation, adjudication, member support, regulatory compliance, consumer protection, financial education, industry engagement
Parent company: FairWay Resolution Limited
Key people: Stephen Ward (independent chair), David Whyte and Toni Dodds (industry representatives), Jon Duffy and Simon Roughton (consumer representatives)
Financing status: N/A

The Financial Dispute Resolution Service (FDRS) is an independent scheme helping New Zealanders resolve financial complaints. FDRS supports both consumers and financial service providers with a clear, fair process. Consumers can use the service at no cost, and it applies to many financial providers and products.

History of Financial Dispute Resolution Service

Financial Dispute Resolution Service was formed in 2010, as New Zealand responded to the Global Financial Crisis. The government wanted to give people a fair and simple way to settle financial complaints. FDRS was set up to help both consumers and small businesses resolve issues with banks, lenders and other providers.

Responding to change

Over the years, new technology and online services changed how people managed money. FDRS saw more complaints as products like Buy Now Pay Later became popular, showing how quickly the industry could shift.

Financial Dispute Resolution Service’s growth

By 2024, FDRS reached its 15th year of service. Membership grew to 1,136 financial providers, and complaints rose sharply, with a 92% increase in 2024–2025. Despite the higher numbers, it kept its focus on early resolution and efficient service.

Commitment to fairness

Throughout these changes, Financial Dispute Resolution Service remained committed to fairness and accessibility for everyone. The service continues to support New Zealanders with clear guidance and independent decisions.

Financial Dispute Resolution Service offerings

FDRS provides a range of services to help consumers and financial service providers resolve disputes quickly and fairly. These services focus on early resolution, support and education for both parties:

Complaint resolution services

• early assistance: first step support for complaints about financial service providers
• facilitation: informal guidance to help both sides reach an agreement
• conciliation: mediation led by an experienced professional to discuss and resolve complaints
• adjudication: independent, binding decisions on unresolved complaints based on evidence and fairness

Member support and guidance

• member communications: regular newsletters, updates and sample documents for scheme members
• training and webinars: educational sessions to keep members informed about industry changes and complaint handling
• regulatory compliance support: advice and resources to help members meet their legal obligations

Consumer and community education

• public awareness campaigns: digital marketing and outreach to inform the public about FDRS services
• community engagement: workshops and events for financial mentors and consumer groups
• multilingual support: information and interpreter services for non-English speakers

Scheme governance and improvement

• rule review and development: ongoing updates to scheme rules to reflect best practice and regulatory changes
• performance monitoring: tracking and reporting on key performance indicators for transparency and improvement

Financial Dispute Resolution Service offers a full suite of services to support fair, efficient and accessible dispute resolution in New Zealand’s financial sector. These services help both consumers and providers find solutions and stay informed.

Company culture and values

Financial Dispute Resolution Service states that it centres on early resolution and clear, open communication. According to FDRS, the organisation follows the Aotearoa best practice framework, which includes:

• user focus and accessibility
• independence and fairness
• efficiency and effectiveness
• Accountability

Financial Dispute Resolution Service, operating under Fair Way, reports that its team works to resolve disputes and support people in conflict. According to FDRS, the process is designed to be straightforward and accessible for both members and consumers. Feedback from users highlights:

• clear guidance: steps and next actions are explained in detail
• prompt responses: staff reply quickly and meet agreed timelines
• helpful and knowledgeable staff: team provides useful answers and support
• open communication: users find it easy to reach and talk with staff
• friendly approach: staff are approachable and simple to work with

Financial Dispute Resolution Service offers a free and independent service for resolving financial complaints in New Zealand. The scheme supports individuals and small-to-medium businesses with fewer than 20 full-time staff. FDRS states that it works collaboratively and ensures fair outcomes for all parties involved.

About Independent Chair Stephen Ward and key people

Stephen Ward is the independent chair of Financial Dispute Resolution Service and holds several non-executive director roles in New Zealand. Ward has a strong background in corporate governance and commercial law, with experience in both Australia and New Zealand. He is a University of Canterbury law graduate, a member of the New Zealand Law Society and a chartered member of the New Zealand Institute of Directors.

The Advisory Council includes experienced leaders who guide FDRS and represent both industry and consumers:

• David Whyte, serving as industry representative, has held senior roles in insurance and financial services
• Toni Dodds is industry representative and brings over ten years’ experience in financial advice and quality assurance
• Jon Duffy, consumer representative, leads Consumer NZ and has a background in data ethics
• Simon Roughton, also a consumer representative, specialises in dispute resolution and mediation across various sectors

Financial Dispute Resolution Service is governed by Fair Way’s Board and this Advisory Council, which offers guidance and recommendations.

The future at Financial Dispute Resolution Service

In 2025, FDRS saw a 92% rise in complaints, mainly due to new financial products like Buy Now Pay Later. Most cases were resolved early, and the average resolution time dropped to 46 days. Awareness of FDRS reached 18% in the New Zealand Consumer Survey.

The team also ran its first complaints workshop for financial mentors in South Auckland. FDRS plans to update scheme rules and continue working with members to improve dispute resolution. Members are encouraged to stay updated on rule changes and attend upcoming forums for the latest information.