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External dispute resolution and complaints framework

17 May 2017 | Consultation Paper

On 9 May the Government accepted all 11 recommendations of the Review of the financial system external dispute resolution and complaints framework (the Ramsay Review). These recommendations include the establishment of a one-stop shop for all financial disputes, including superannuation disputes. The Government’s response can be found on the Treasurers website and the Final report can be found here.

The Government is now releasing the new dispute resolution framework for four weeks of public consultation. This includes the Treasury Laws Amendment (External Dispute Resolution) Bill 2017 and Treasury Laws Amendment (External Dispute Resolution) Regulations 2017.

In addition, the Government is also releasing a consultation paper to seek additional feedback on a range of matters, including whether the compensation caps for certain financial products, such as mortgages and general insurance products, should move immediately to $1 million upon commencement of the new one stop shop. The Government is also seeking stakeholder feedback on the implications of removing the requirement for credit representatives to be members of the new one-stop shop.

The Government invites all interested parties to make a submission.

Making a Submission

Interested parties are invited to comment on the review.

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.

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

Closing date for submissions: Wednesday, 14 June 2017

Address written submissions to:

Manager
Financial Services Unit
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600

For enquiries please call Neena Pai 02 6263 2111.

Key Documents

  • Consultation Paper 144KB
  • Explanatory Memorandum 134KB
  • Fact Sheet 183KB
  • Exposure draft - Treasury Laws Amendment - External Dispute Resolution - Bill 2017 513KB
  • Exposure draft - Treasury Laws Amendment - External Dispute Resolution - Regulations 2017 367KB
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