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:
- Exposure Draft – Treasury Laws Amendment (External Dispute Resolution) Bill 2017, alongside the accompanying draft explanatory memorandum, for an Act to amend the Corporations Act 2001 and repeal the Superannuation (Resolution of Complaints) Act 1993, and for related purposes; and
- Exposure Draft – Treasury Laws Amendment (External Dispute Resolution) Regulations 2017.
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.
For a full summary of the issues, email us a request at [email protected]
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