Financial advisers can soon make their thoughts and feelings known directly to the Financial Ombudsman Service (FOS) after an independent review of external dispute resolution (EDR) scheme terms of reference was released.
FOS is being reviewed as part of a deeper evaluation of the effectiveness of the EDR schemes of three agencies: the FOS, Superannuation Complaints Tribunal, and the Credit and Investments Ombudsman. The review team is a three-member expert panel with the support of a secretariat from Treasury.
The final report will be given to the Minister for Revenue and Financial Services, Kelly O'Dwyer, by the end of March 2017. O'Dwyer has indicated that submissions from the public and industry/consumer stakeholders would be invited.
The review is to evaluate the current system for its effectiveness, but also to see what new avenues may be available for improving dispute resolution. The roles and powers of the three schemes - including gaps and overlaps - will be reviewed.
Want to make a submission? Write to EDReview@treasury.gov.au.