The terms of reference for the independent review into the financial system’s external dispute resolution and complaints framework have been released by Minister for Revenue and Financial Services, Kelly O’Dwyer MP.
The role, powers, governance and accountability of the existing financial system external dispute resolution and complaints framework will be reviewed by the panel.
Most relevant scheme for insurance is the Financial Ombudsman Service (FOS).
The other schemes under review are:
- the Superannuation Complaints Tribunal; and
- the Credit & Investments Ombudsman.
The terms of reference also allow for comprehensive consideration of the effectiveness of the existing framework, as well as consideration of different models in providing effective avenues for resolving disputes.
The review will be led by an independent expert panel, consisting of a Chair and two members, and be supported by a secretariat from Treasury. A final report is to be provided to the Minister for Revenue and Financial Services by the end of March 2017.
The review will invite submissions from the public and consult with a range of stakeholders, including consumers and industry.
This review builds on the Government’s response to the Financial System Inquiry which sets out a suite of policies to improve Australia’s financial system.
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