Review into Dispute Resolution and Complaints Framework

Interim Report

The Review Panel’s Terms of Reference require it to examine whether changes to the current external dispute resolution (EDR) framework in the financial sector are needed to deliver effective outcomes for users in a rapidly changing and dynamic financial system. As the impact of financial disputes on the lives of individuals and their families can be devastating, a well-functioning EDR framework is an important issue for many Australians.

Assessing the current framework against the Review’s Terms of Reference, the Panel found that the existing industry ombudsman schemes (the Financial Ombudsman Service and Credit and Investment Ombudsman) are a cornerstone of the EDR framework but there is scope to improve outcomes for consumers and small business.

The Panel’s Interim Report was informed by submissions received in response to the Panel’s Issues Paper and makes draft recommendations in a number of policy areas. The Panel’s view is that these draft recommendations represent an integrated package of reforms to address shortcomings in the current framework and ensure that it is well-placed to address both current problems and withstand future challenges.

The Panel looks forward to receiving public submissions on its broad approach and the draft recommendations by 27 January 2017 to assist in preparing a Final Report to government by the end of March 2017.

Making a Submission

Interested parties are invited to comment on the broad approach and the draft recommendation outlined in the Interim Report.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

To ensure that the privacy of third parties is protected, and that the Commonwealth complies with its own legal obligations, some submissions may be published with some details removed or may not be published. In addition, all or parts of submissions may not be published: if they promote a product or a service; contain offensive language or the sentiments expressed are liable to offend or vilify sections of the community; or for reasons other than those outlined.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

Closing date for submissions: Friday, 27 January 2017

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Address written submissions to:

EDR Review Secretariat
The Treasury
Langton Crescent

For enquiries please call EDR Review Secretariat +61 2 6263 2111.

Source: The Commonwealth of Australia