KiwiSaver provider told to pay $500 over delays in withdrawal
A KiwiSaver provider was ordered to pay $500 in compensation after a disputes resolution service deemed their processing delays for a hardship withdrawal unreasonable. The customer faced significant stress and potential eviction due to the 30-working-day delay.
Why it matters
It highlights the importance of consumer protection and accountability for financial institutions handling urgent hardship claims.
It was unreasonable for a KiwiSaver provider to take 30 working days to process a withdrawal request for someone in serious financial hardship, a disputes resolution service says.
The article reports on a specific case ruling by a regulatory body without taking a side beyond the official findings.
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