Financial Services Complaints has become the first body to apply to set up a financial sector consumer disputes resolution scheme.
All financial service providers, which includes banks, finance companies, insurance companies and financial advisers, will have to be registered and must join a dispute resolution scheme.
They can join an industry-run dispute resolution scheme approved by the Minister of Consumer Affairs, or the Government reserve scheme.
Consumer Affairs Minister Heather Roy says she expects to decide upon Financial Services Complaints' application by early next year.
