By Kymberly Martin

Release of interim report.

Landmark interim report paves the way for new financial disputes framework for consumers. Released yesterday by the Turnbull Government, it is intended to improve resolutions of disputes between consumers, small business and their financial institutions.

“The government is committed to a one-stop shop for consumer complaints handling that provides consumers with access to justice, the independent determination of disputes, timely reviews and  robust compensation scheme,” Minister for Revenue and Financial Services, Kelly O’Dwyer said. “It will ultimately provide people with effective redress for poor advice and other serious issues they have with financial firms.”

kelly-odwyer

The review, which was announced by the government in April as part of a wider package to improve consumer outcomes in the financial system, is considering the role, powers, governance and funding arrangements of the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal.

The interim report was prepared by an independent panel chaired by Professor Ian Ramsay.

The minister is encouraging interested parties to continue their engagement with the review process through the next stage of consultation.  Submissions on the draft recommendations and implementation issues will form preparation of the panel’s final report, which will be delivered to the government by the end of March 2017. The closing date for submissions is 27 January 2017. To make a submission visit: www.treasury.gov.au