The four approved financial dispute resolution schemes resolve complaints between consumers and financial service providers.
The schemes are independent entities and set their own sets of rules which govern how they resolve disputes. This has resulted in a few inconsistencies between schemes.
The discussion document and consumer summary focus on three key issues:
- Financial caps for bringing a complaint (and the limits on compensation that can be awarded) – It’s proposed that the cap be raised from $200,000 to $350,000.
- The applicable time periods which impact when and how a scheme can hear a complaint.
- Inconsistencies in the schemes’ rules may impact a consumer’s ability to access the schemes.
The discussion document seeks feedback on the issues and the proposed options to make the schemes’ rules consistent.
You can have a look here to review the consultation documents, as well as to make a submission.
Submissions close on 6 May 2021.