Why has the FMA made understanding complaints a priority?
We believe that complaints are moments of truth – revealing not just what went wrong, but how well firms respond when it matters most. Our recent consumer confidence survey found that only 29% of New Zealanders are confident they know what steps to take if treated unfairly – while 40% lack confidence in what actions to take. These findings make complaints a key concern for the FMA, as noted in our recently published Financial Conduct Report 2025 (FCR '25):
“When consumers know how to complain, they not only protect their own interests but also drive improvements in financial services. Effective complaints processes and high consumer awareness of these builds trust and provides firms with opportunities to gain insights to improve processes and consumer outcomes.”
This research note sits alongside our information sheet providing practical guidance for firms. These are part of a broader programme of work focused on supporting firms to manage complaints well in practice.
Scope and approach
This research note examines how consumers experience the complaints process – who acts, who doesn’t, and why. This topic was covered in our FCR '25, and this note is intended to supplement that in more detail.
The findings presented here draw on data from the 2024 Consumer Confidence survey (2,081 respondents) commissioned by the FMA and conducted by Fiftyfive5. We also present relevant data from the FMA’s 2022 Consumer Experience Survey (2,509 respondents). Notes in the figures below refer to these data sources as “CCS 2024” and “CES 2022”, respectively. The surveys covered:
- confidence in how to complain
- complaint behaviour and reasons for inaction
- demographic patterns (age, ethnicity, income, disability)
- satisfaction with outcomes
This survey-based note does not assess individual firms, nor draw on external datasets. As a result, the findings are intended to provide directional insights and should be interpreted with care, particularly where subgroup sizes are small.