The independent panel reviewing the financial system’s external dispute resolution (EDR) and complaints framework has released its issues paper.
Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, says the government was committed to ensuring that consumers can access justice and appropriate compensation in a timely manner.
“The Issues Paper is seeking views on whether the external dispute resolution framework delivers effective outcomes for users in a rapidly changing and dynamic financial system,” the Minister says.
The review is examining whether the Financial Ombudsman Service (FOS), the Superannuation Complaints Tribunal (SCT) and the Credit and Investments Ombudsman (CIO) deliver effective outcomes for consumers.
“It will also look at the extent of gaps and overlaps between the bodies and the merits of establishing a one-stop-shop, which could formally adjudicate on consumer complaints and award compensation to those affected by malfeasance.”
Submissions to the review closes on 7 October.
NIBA will be consulting with members and intends to make a submission to the review. Any members who wish to comment, please direct them to CEO Dallas Booth at email@example.com.