KiwiSaver provider told to pay $500 over delays in withdrawal
A New Zealand KiwiSaver provider has been ordered to pay $500 in compensation for unreasonable delays in processing a hardship withdrawal. The dispute resolution service found that the provider's slow communication and inefficient reassessment process caused unnecessary stress for a client in financial distress.
Why it matters
This case highlights the accountability of financial institutions when handling urgent hardship applications for vulnerable customers.
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 factual dispute resolution outcome without taking a side or using loaded language.
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