Submission on BOS rule changes

FinCap says it welcomes proposed changes proposed by the Banking Ombudsman Scheme (BOS).

FinCap has submitted on the BOS Consultation paper on proposed rule changes.

In particular, we support the move to allow complaints to be brought about a recipient bank by the sender of a payment. Where a bank should have known that it was enabling a scam and this led to a serious challenge to someone supported by a financial mentor, BOS should have jurisdiction to decide on a fair outcome with adequate compensation.

Basic banking by deposit takers is an essential service and BOS needs to continually improve to ensure whānau can access the scheme and be confident of a fair outcome.

Read the full report here.