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Review of the Financial System

Review of Financial System – Dispute Assist Can Help with your bank dispute

For those who want to read the Government appointed panels interim report into “Review of the Financial System External Dispute Resolution and complaints framework” – click on the link below:

A summary of some of the recommendations are as follows:

  • A single scheme to replace FOS and CIO, to be subject to more frequent independent reviews and establish an independent assessor whose role would be to investigate complaints by users (not to investigate findings but rather the service handling of the dispute)
  • A new compensation scheme of last resort established to pay out the victims of companies that go bust
  • The Superannuation Complaints Tribunal should be turned into an ombudsman-type body
  • Lifting monetary limits and compensation caps for consumers and small business and develop a superannuation code of practice
  • Provide ASIC with more powers to allow it to compel performance where the schemes do not comply with benchmarks

http://www.treasury.gov.au/~/media/Treasury/Consultations%20and%20Reviews/Reviews%20and%20Inquiries/2016/Review%20into%20EDR/Key%20Documents/PDF/EDR_interim.ashx


If you have a bank dispute, Dispute Assist can help you, give us a call and Take The Next Step to resolving your dispute today