Consumer advocates are very supportive of the move to a new one-stop shop external dispute resolution (EDR) scheme that implements the considered recommendations of the Review of the Financial System External Dispute Resolution and Complaints Framework (Ramsay Review). The proposed Australian Financial Complaints Authority (AFCA) can build on the success of the existing EDR framework, and extend the benefits of EDR to superannuation customers for the first time. It is essential to get AFCA’s terms of reference right, and ensure it incorporates and builds on the beneficial features of the Credit and Investments Ombudsman (CIO) and Financial Ombudsman 2 Service (FOS) that have resulted from years of continuous improvement and consumer advocacy. This submission identifies some of the most important features of an effective and accessible external dispute resolution scheme.
