Government consults on financial compensation scheme of last resort

The Government is consulting on a potential financial compensation scheme of last resort, following from the expansion of the terms of reference of the review of the external dispute resolution and complaints framework.

“Earlier this year the Government extended the terms of reference for the independent review conducted by Professor Ian Ramsey into external dispute resolution in the financial services sector,” said Minister for Revenue and Financial Services Kelly O’Dwyer.

“The new terms of reference enables the independent panel to make recommendations on the establishment, merits and potential design of a compensation scheme of last resort as well as the merits and issues involved in providing access to redress for past disputes in the financial sector.” Read more...