Dispute resolution schemes up for review

The inconsistencies relate to jurisdictional rules, which govern what complaints the schemes can consider, and limitations on the redress schemes can award.

Some in the industry have stated that these issues have impacted the overall accessibility to the schemes by consumers.

The four schemes are the Banking Ombudsman, the Insurance and Financial Services Ombudsman, Financial Services Complaints Ltd (currently petitioning for the title ombudsman) and the Financial Dispute Resolution Service.

Each resolution service has its own rules which govern how they resolve disputes between members and consumers.