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Landmark interim report paves the way for new financial disputes framework for consumers



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Kelly O'Dwyer MP

Minister for Revenue and Financial Services

Media Release

1

6 December 2016

LANDMARK INTERIM REPORT PAVES THE WAY FOR NEW FINANCIAL DISPUTES FRAMEWORK FOR CONSUMERS

The Turnbull Government welcomed the release today of the Interim Report by the independent expert panel reviewing the financial system’s external dispute resolution and complaints framework.

The Review, chaired by Professor Ian Ramsay, will prepare the way for improved resolutions of disputes between consumers and small businesses and their financial institutions, the Minister for Revenue and Financial Services Kelly O’Dwyer said today.

“The Government is committed to a one-stop shop for consumer complaints handling that provides consumers with access to justice, the independent determination of disputes, timely reviews and a robust compensation scheme,” Minister O’Dwyer said.

“I thank the panel for their work on this landmark interim report.

“Professor Ramsay and his panel have extensive expertise in corporate law, financial regulation and consumer advocacy. Their important work will ultimately provide people with effective redress for poor advice and other serious issues they have with financial firms.”

The review, which was announced by the Government in April 2016 as part of its wider package to improve consumer outcomes in the financial system, is considering the role, powers, governance and funding arrangements of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT).

Minister O'Dwyer said the Government welcomed the Interim Report and encourages interested parties to continue their engagement with the review process through this next stage of consultation.

“The Turnbull Government is committed to ensuring consumers and small businesses are provided with a better, faster resolution process for their complaints, and that the framework is operating as efficiently and effectively as possible,” Minister O’Dwyer said.

Submissions on the draft recommendations and implementation issues will inform preparation of the expert panel’s Final Report, which will be delivered to the Government by the end of March 2017.

The independent expert panel comprised of Professor Ian Ramsay, Ms Julie Abramson and Mr Alan Kirkland.

The Interim Report and information on how to make a submission is available on the Treasury website at www.treasury.gov.au.

The closing date for submissions is Friday, 27 January 2017.

Media contact: Gerard McManus 0477 391 580