Review of the financial system external dispute resolution framework

Closed 7 Oct 2016

Opened 9 Sep 2016

Overview

On 20 April 2016, the Australian Government announced a review of the financial system’s external dispute resolution and complaints framework.  An expert panel comprised of Professor Ian Ramsay, Ms Julie Abramson and Mr Alan Kirkland is undertaking the review.

The review is being conducted to ensure that Australia’s external dispute resolution framework effectively meets the needs of users of the financial system.  External dispute resolution provides an avenue for people to resolve their disputes without going through the formal legal system.

The panel has been asked to examine the Financial Ombudsman Service, the Credit & Investments Ombudsman and the Superannuation Complaints Tribunal and consider whether changes to these bodies are necessary to deliver effective outcomes for users in a rapidly changing and dynamic financial system. 

The Terms of Reference require consideration of the:

  • role, powers, governance and funding arrangements of the three bodies;
  • extent of gaps and overlaps between the bodies;
  • bodies’ role in working with government, regulators, consumers, industry and other stakeholders to improve the framework to deliver better user outcomes; and
  • relative merits and any issues associated with different models in resolving disputes.

The panel has released an issues paper seeking information from interested stakeholders on the issues discussed in the paper and any other issues identified by stakeholders. The submissions the panel receives will inform the draft recommendations in its interim report, which will be released at the end of November 2016. The panel will provide its final report to Government by 31 March 2017.

Submissions close on 7 October 2016. Please email EDRreview@treasury.gov.au if you would like to provide any further information.

Audiences

  • Businesses
  • Businesses - small /micro
  • Consumer groups
  • Finance/Banking sector
  • Financial advisers
  • Individuals
  • Industry
  • Industry bodies
  • Industry association
  • Insurers
  • Law professionals
  • Legislation developers
  • Lobby groups
  • Peak body
  • Superannuation professionals

Interests

  • Banking Sector
  • Fees and Charges
  • Financial crisis and stimulus
  • Financial regulation
  • Financial system
  • Insurance
  • Interest rates
  • Investment
  • Lending
  • Industry regulation
  • Legislation and regulations
  • Policy development
  • Superannuation funds
  • Superannuation industry reform
  • Superannuation system
  • Consumer Law
  • Consumer Policy
  • Consumer Products and Retail
  • Consumer Protection