Review of EDR Schemes

Treasury released Consultation Paper – Improving dispute resolution in the financial system on the proposed introduction of a new dispute resolution framework after the federal government’s recent acceptance of 11 recommendations outlined in a final report of the Review of the financial system external dispute resolution and complaints framework (further information).

The final report recommended the establishment of a “one-stop shop for all financial disputes”.

Treasury is seeking comment on a range of matters, including whether the compensation caps for certain financial products, such as mortgages and general insurance products, should move immediately to $1 million upon commencement of the new ‘one stop shop.

As part of the new dispute resolution and complaints framework, Treasury also released the following exposure drafts:

Further information from Treasury

Treasury also has released for public comment a supplementary issues paper which outlines matters related to a compensation scheme of last resort and access to redress for past disputes.

Further information from Treasury

For a full summary of the issues, email us a request at [email protected]

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