Complaints to Banking Ombudsman continue to fall

Monday 21 June 2004

Complaints to the Banking Ombudsman continued to fall in during the first part of this year as full employment, rising property prices, and favourable economic conditions prevailed.

By The Landlord

Banking Ombudsman Liz Brown said formal complaints received by her office in the first five months of this year were down 20 per cent compared to the same period last year.

Favourable economic conditions had undoubtedly contributed to the decrease in complaints," Ms Brown said in a newsletter.

"In the past a substantial number of complaints have come from bank customers who were having difficulty managing debt, and we are seeing fewer of this type of complaint."

Ms Brown said there had been a decline in most types of complaints for the past two years but overall, complaint numbers remained high because of "an influx of complaints about investment products in 2002 and 2003".

However as the performance of managed funds and other investment products with a shares component improved, "these complaints slowed to a trickle and the underlying trend became apparent."

Read More - Opens in a new window
Commenting is closed

Property News

Downward pressures might push investors out

There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.

Commercial

Industrial holdings leave Provincia in strong position

Tales of strife and problems abound in the commercial property world these days, but the impact of the Covid-19 pandemic has not been as devastating for all commercial players.

Site by PHP Developer