Commerce Minister Andrew Bayly is planning to align the rules of the four approved financial dispute resolution schemes - Banking Ombudsman, the Insurance and Financial Services Ombudsman, Financial Services Complaints Limited, and the Financial Dispute Resolution Service – and raise the maximum amount the schemes can award to $500,000.
The government aims to have the regulations providing for the changes in place by July 18.
The government is also supporting the proposed merger of the Insurance & Financial Services Ombudsman Scheme (IFSO) and the Financial Services Complaints Limited (FSCL) from July 1, 2025.
It is hoped this will help streamline services, create operational efficiencies, and remove duplication.
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