New Zealand has improved its system for dispute resolution and consumer complaints about financial services.

The Financial Markets Authority (FMA) has signed memorandums of understanding with the Insurance & Savings Ombudsman and the Banking Ombudsman Scheme.

It follows memorandums signed last year with the Financial Dispute Resolution scheme and Financial Services Complaints Ltd.

The FMA says the agreements establish a framework for consultation and co-operation to enable reviews of complaints. Data integrity and privacy will be maintained under the new system.

“We’re pleased to get these [memorandums] in place, because this shows our commitment to work together with agencies that can help the FMA discover early warnings of potential harm,” FMA General Counsel Liam Mason said.