An issues paper has been released for the review of the financial system external dispute resolution framework.
The review is considering if changes should be made to the financial sector dispute resolution and complaints bodies: the Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman.
“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,” said Kelly O’Dwyer, Minister for Revenue and Financial Services.
“The review is considering the role, powers, governance and funding arrangements of the Financial Ombudsman Service, the Credit & Investments Ombudsman and the Superannuation Complaints Tribunal. 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,” said Minister O’Dwyer.
“The External Dispute Resolution Review is just one part of the substantial package of measures that the Turnbull Government is implementing to improve consumer confidence and consumer outcomes in Australia’s financial system.”
The issues paper raises a number of questions, including how accessible the existing schemes are, if there are gaps and overlaps with the current system and if there should be a ‘one stop shop’.
Minister O’Dwyer said that submissions in response to the issues paper would inform recommendations in an interim report, which will be released later in 2016. The final report is due to be given to Government in March 2017, though not necessarily publicly released at that time.
Submissions in response to the issues paper close on the 7th of October 2016.