9 September 2016
Media Release - #2016083, 2016

In the role of: Minister for Revenue and Financial Services [19 July 2016 - 28 August 2018]

External dispute resolution framework issues paper released

The independent expert panel that is conducting the review into the financial system’s external dispute resolution and complaints framework has today released an Issues Paper calling for submissions.

Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP, said the Government was committed to ensuring that consumers can access justice and appropriate compensation in a timely manner.

"The Issues Paper is seeking views on whether the external dispute resolution framework delivers effective outcomes for users in a rapidly changing and dynamic financial system.

"The review is considering the role, powers, governance and funding arrangements of the Financial Ombudsman Service, the Credit & Investments Ombudsman and the Superannuation Complaints Tribunal. It will also look at the extent of gaps and overlaps between the bodies and the merits of establishing a one-stop-shop, which could formally adjudicate on consumer complaints and award compensation to those affected by malfeasance.

"The External Dispute Resolution Review is just one part of the substantial package of measures that the Turnbull Government is implementing to improve consumer confidence and consumer outcomes in Australia’s financial system," Minister O’Dwyer said.

The submissions received by the expert panel will inform the recommendations made by the panel in its interim report, which will be released in later this year. The panel’s final report will be delivered to Government in March 2017.

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

The Issues Paper and information on how to make a submission is available on the Treasury website.

Submissions close on Friday, 7 October 2016.