25 November 2024
I am writing to advise that IFSO, which currently delivers the IFSO Scheme as a society, is restructuring to become a limited liability company. The decision to restructure is primarily driven by legislative changes arising from the new Incorporated Societies Act 2022. This will also align IFSO with the two other approved dispute resolution schemes which are already companies.
We will shortly be inviting your feedback on proposed changes to the IFSO Scheme’s Terms of Reference and Constitution which require amendment to reflect the restructuring. To all intents and purposes, the IFSO Scheme remains unchanged and its Participants (and their customers) will not be impacted – there will be no changes to Participant fees and levies, how complaints and disputes are handled, or the rules required pursuant to s63 of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
At this stage, we anticipate sending you the consultation notice with the proposed changes in early December. The consultation period will end on 31 January 2025 with feedback being provided after that date. In the meantime, if you have any questions, please contact the Deputy Ombudsman, Louise Peters, louise@ifso.nz.
Yours faithfully,
Karen Stevens
Insurance & Financial Services Ombudsman