Mr Ramsay is another ASIC Gene-Pool mate........................no permission to ask Consumers what they need!!!
Anyone want to write a one page answer to Ian before 7th October?
Ian Ramsay considering a 'one stop shop' for bank complaints
Australian Financial Review Sep 9 2016 at 6:27 PM
James Eyers
A review into the way people can complain against banks is considering creating a 'one-stop shop' to make it easier for aggrieved consumers, by either creating a 'triage' service over existing schemes or establishing a new body to hear all customer disputes in the financial system.
University of Melbourne law professor Ian Ramsay is leading the review that was announced by the federal government on April 20 as part of its efforts to fend off Labor's call for a royal commission into the sector.
An issues paper released on Friday said a "one-stop shop" could "reduce consumer confusion about where to lodge a dispute, minimising the possibility of consumers being referred between the schemes and ensuring consistency in process and outcomes, and realising efficiencies".
A triage service over the three existing schemes - the Financial Ombudsman Service, the Credit and Investments Ombudsman, and the Superannuation Complaints Tribunal - could provide a single point of entry for consumers without requiring any changes to the resolution schemes themselves, the issues paper said.
Alternatively, an entirely new body could be created integrating the existing schemes. "As well as lessening consumer confusion, such a model would have the potential to simplify the overall framework, enhance consistency in outcomes and decision-making processes and reduce administration costs for regulators," the issues paper said.
Professor Ramsay is working on the inquiry with Choice chief executive Alan Kirkland and Productivity Commission commissioner Julie Abramson. Interested parties have until October 7 to make a submission on many questions raised by the issues paper before an interim report is published at the end of November. A final report will be delivered to government in March next year.
After the government asked the Ramsay review last month to consider whether a new "level playing field" tribunal should be created, a move that would appease Nationals and rural Liberals MPs, the issues paper said: "The extent to which a new forum could enhance the existing framework and improve outcomes for users would depend on its design and how it would fit alongside existing dispute resolution schemes." It has asked for industry feedback on the viability of a new tribunal.