Investment tips slated

By ELLEN READ

Complaints about banks' investment advice was the main issue for banking ombudsman Liz Brown in the past year.

"I've been focusing on investment advice and banks' processes in that respect," she said yesterday, commenting on the release of her annual report for 2003-04. "Probably 2002 was the peak year. They have been tailing off a bit but they're still at the front."

Overall, the annual report showed fewer complaints were filed against the country's major banks compared with the previous year.

Westpac again topped the list but also had the biggest drop. The bank faced 154 complaints compared with 213 the previous year.

The ombudsman also dealt with 69 disputes, down from 144.

ANZ had 157 complaints, down from 169, and 57 disputes, down from 64. National Bank had 98 complaints (138) and 37 disputes (39). BNZ had 99 complaints, (125) and 35 disputes (61). ASB had 64 complaints (70) and 47 disputes (61).

- NZPA