Chapter 1 - Introduction
[1]
Journals of the Senate, 14 September 2017, pp. 2007–9.
[2]
Explanatory Memorandum, p. 3.
[3]
Details of the review and access to the report are available at The
Treasury, Review into Dispute Resolution and Complaints Framework, https://treasury.gov.au/review/review-into-dispute-resolution-and-complaints-framework/
(accessed 28 September 2017). It is referred to frequently in the Explanatory
Memorandum to the bill, for example at page 4.
[4] The
Treasury, Review of the financial system external dispute resolution and
complaints framework: Final report, April 2017 (the Ramsay Report), p. 1.
[5]
An additional term of reference, on compensation schemes, was added in
February 2017 and the panel was due to report on it in June 2017.
[6]
Mr Thomas Beregi, Chief Executive Officer, Credit Corp Group Ltd, Committee
Hansard, 9 October 2017, pp. 4–5; Mr Raj Venga, Chief Executive Officer and
Ombudsman, Credit and Investment Ombudsman, Committee Hansard, 9 October
2017, p. 12.
[7]
The Hon K O'Dwyer MP (Minister for Revenue and Financial Services),
'Overhauling the dispute resolution framework', media release, 26 July 2017, http://kmo.ministers.treasury.gov.au/media-release/071-2017/
(accessed 28 September 2017).
[8]
The Hon K O'Dwyer MP (Minister for Revenue and Financial Services), ' Putting consumers first – improving
dispute resolution', media release, 14 September 2017, http://kmo.ministers.treasury.gov.au/media-release/092-2017/ (accessed 28 September 2017).
[9]
The following material is drawn from Chapter 4 of the Ramsay Report,
except where otherwise indicated.
[10]
Australia and New Zealand Ombudsman Association, 'Essential Criteria for
Describing a Body as an Ombudsman', http://www.ombudsman.gov.au/__data/assets/pdf_file/0015/31434/
ANZOA-Essential_criteria_for_describing_a_body_as_an_Ombudsman.pdf
(accessed 28 September 2017).
[11]
ASIC, RG 139 Approval and oversight of external complaints resolution
schemes, http://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-139-approval-and-oversight-of-external-complaints-resolution-schemes/;
and RG 165 Licensing: Internal and external dispute resolution, http://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-165-licensing-internal-and-external-dispute-resolution/
(both accessed 28 September 2017).
[12]
The Treasury, Review of the financial system external dispute
resolution and complaints framework: Interim Report, 6 December 2016, https://static.treasury.gov.au/uploads
/sites/1/2017/06/R2016-002_EDR_interim.pdf (accessed 11 October 2017).
[13]
Pensions Ombudsman, https://www.pensions-ombudsman.org.uk/;
Financial Ombudsman Service, http://www.financial-ombudsman.org.uk/publications/technical_notes/pension-complaints-our-jurisdiction.html
(both accessed 11 October 2017).
[14]
Ramsay Report, pp. 8–9.
[15]
Ramsay Report, p. 9.
[16]
Ramsay Report, p. 10.
[17]
Ramsay Report p. 12.
[18]
Ramsay Report p. 12.
[19]
Commonwealth of Australia, Budget Measures: Budget Paper No. 2 2017–18,
'A More Accountable and Competitive Banking System—improving external dispute
resolution', p. 162.
[20]
The Hon Kelly O'Dwyer, Minister for Revenue and Financial Services, 'Overhauling the dispute resolution framework',
Media Release, 26 July 2017, http://kmo.ministers.treasury
.gov.au/media-release/071-2017/
(accessed 4 October 2017).
Chapter 2 - Provisions of the bill
[1]
Explanatory Memorandum, p. 10.
[2]
Explanatory Memorandum, p. 11.
[3]
Explanatory Memorandum, p. 13.
[4]
Explanatory Memorandum, p. 44.
[5]
Explanatory Memorandum, pp. 50–51.
Chapter 3 - Views on the bill
[1]
Consumer Action Law Centre, Consumer Credit Legal Centre SA, Consumer
Credit Legal Service WA, Consumers’ Federation of Australia, Financial Rights
Legal Centre, Financial Counselling Australia, Submission 9 (referred to
hereafter as Joint Consumer Groups), p. 1, p. 2.
[2]
Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Committee
Hansard, 10 October 2017, p. 5.
[3]
Australian Securities and Investments Commission, Submission 2,
p. 2.
[4]
Mr Greg Kirk, Senior Executive Leader, Strategy Group, Australian
Securities and Investments Commission, Committee Hansard, 9 October 2017,
p. 51.
[5]
Australian Securities and Investments Commission, Answers to questions
taken on notice from a public hearing on 9 October 2017.
[6]
Australian Securities and Investments Commission, Submission 2,
p. 3.
[7]
See for example Association of Securities and Derivatives Advisers of
Australia Ltd, Submission 1, p. 2.
[8]
See for example Mr Raj Venga, Chief Executive Officer and Ombudsman,
Credit and Investments Ombudsman, Committee Hansard, 9 October 2017, pp.
6–7.
[9]
Mr Thomas Beregi, Chief Executive Officer, Credit Corp Group, Committee
Hansard, 9 October 2017, p. 5.
[10]
Ms Neena Pai, A/g Principal Adviser, Financial System Division, Treasury, Committee
Hansard, p. 58.
[11]
Australian Securities and Investments Commission, Submission 2, p.
2.
[12]
Mr Raj Venga, Chief Executive Officer and Ombudsman, Credit and
Investments Ombudsman, Committee Hansard, 9 October 2017, p. 7.
[13]
Ms Helen Davis, Chairperson, Superannuation Complaints Tribunal, Committee
Hansard, 9 October 2017, p. 20.
[14]
Ms Karen Cox, Coordinator, Financial Rights Legal Centre, Committee
Hansard, 10 October 2017, p. 4.
[15]
See for example Australian Collectors and Debt Buyers Association, Submission
3, p. 5; Mr Ivano Lino, Submission 27; Mr Michael Horne, Submission
28.
[16]
For example, Commercial Asset Finance Brokers Association of Australia, Submission
22, p. 4, p. 5, endorsed by Council of Small Business Australia, Submission
24; Credit and Investments Ombudsman, Submission 15, p. 4.
[17]
Association of Financial Advisers, Submission 23, p. 2.
[18]
Ms Anne Scott, Principal Adviser, Australian Small Business and Family
Enterprise Ombudsman, Committee Hansard, 9 October 2017, p. 29.
[19]
Credit and Investments Ombudsman, Submission 15, p. 5.
[20]
Australian Collectors and Debt Buyers Association, Submission 3,
Annexure B, pp. 5–7;
[21]
Australian Collectors and Debt Buyers Association, Submission 3, p.
6.
[22]
Mortgage and Finance Association of Australia, Submission 5, p. 2,
p. 6.
[23]
Credit Corp Group Ltd, Submission 11, p. 1.
[24]
Self Managed Super Fund Association, Submission 31, p. 2.
[25]
Mr Greg Kirk, Senior Executive Leader, Strategy Group, Australian
Securities and Investments Commission, Committee Hansard, 9 October 2017,
pp. 51, 53.
[26]
Credit and Investments Ombudsman, Submission 15, p. 10.
[27]
Association of Superannuation Funds of Australia, Submission 21, p.
3, p.6.
[28]
Community and Public Sector Union, Submission 25, p. 2; Australian
Council of Trade Unions, Submission 29.
[29]
Financial Ombudsman Service, Submission 7, p. 14; Superannuation
Complaints Tribunal, Submission14, pp. 3–4.
[30]
Association of Securities and Derivatives Advisers of Australia Ltd, Submission
1, p. 6.
[31]
National Insurance Brokers Association of Australia, Submission 18,
p. [5]; Credit Corp Group Ltd, Submission 11, pp. 4–5.
[32]
Joint Consumer Groups, Submission 9, p. 10.
[33]
Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Committee
Hansard, 10 October 2017, p. 3.
[34]
Ms Clare McCarthy, Senior Policy Adviser, Behavioural Research and Policy
Unit, Australian Securities and Investments Commission, Committee Hansard,
9 October 2017, p. 51.
[35]
Westpac, Submission 10, p. 2; Financial Services Council, Submission
20, p. 3.
[36]
Insurance Council of Australia, Submission 19, p. 2.
[37]
Mr James Strachan, Advocacy Manager, Australian Small Business and Family
Enterprise Ombudsman, Committee Hansard, 9 October 2017, p. 27.
[38]
Joint Consumer Groups, Submission 9, p. 2.
[39]
Mr Greg Kirk, Senior Executive Leader, Strategy Group, Australian Securities
and Investments Commission, Committee Hansard, 9 October 2017, p. 53.
[40]
Joint Consumer Groups, Submission 9, p. 2; Australian Small
Business and Family Enterprise Ombudsman, Submission 26, p. 3.
[41]
Financial Ombudsman Service, Submission 7, p. 10.
[42]
Ramsay Report, pp. 198–9.
[43]
Ms Karen Cox, Coordinator, Financial Rights Legal Centre, Committee
Hansard, 10 October 2017, p. 5–6; see also Mr Raj Venga, Chief
Executive Officer and Ombudsman, Credit and Investments Ombudsman, Committee
Hansard, 9 October 2017, p. 12.
[44]
Australian Small Business and Family Enterprise Ombudsman, Submission
26, p. 1, pp. 4–5.
[45]
Ms Anne Scott, Principal Adviser, Australian Small Business and Family
Enterprise Ombudsman, Committee Hansard, 9 October 2017, p. 31.
[46]
Ramsay Report, p. 205.
[47]
Australian Bankers' Association, Submission 13, p. 3.
[48]
Ms Karen Cox, Coordinator, Financial Rights Legal Centre, Committee
Hansard, 10 October 2017, p.3; Ms Anne Scott, Principal Adviser,
Australian Small Business and Family Enterprise Ombudsman, Committee Hansard,
9 October 2017, p. 28.
[49]
Law Council of Australia, Submission 16, p. 2.
[50]
Australian Small Business and Family Enterprise Ombudsman, Submission
26, p. 3–4.
[51]
Ms Helen Davis, Chairperson, Superannuation Complaints Tribunal, Committee
Hansard, 9 October 2017, p. 19.
[52]
Law Council of Australia, Submission 16, p. 3.
[53]
Ms Helen Davis, Chairperson, Superannuation Complaints Tribunal, Committee
Hansard, 9 October 2017, p. 15.
[54]
Law Council of Australia, Submission 16, p. 3.
[55]
Superannuation Complaints Tribunal, Submission 14, p. 3.
[56]
Law Council of Australia, Submission 16, p. 3.
[57]
Association of Superannuation Funds of Australia, Submission 21, p.
16.
[58]
Australian Lawyers Alliance, Submission 17, p. 6; Australian Small
Business and Family Enterprise Ombudsman, Submission 26, p. 2.
[59]
Australian Institute of Superannuation Trustees, Submission 6, pp.
15–16; Westpac, Submission 10, p. 3.
[60]
Superannuation Complaints Tribunal, Submission 14, p. 5; Law
Council of Australia, Submission 16, p. 3.
[61]
Ms Michelle Dowdell, Principal Adviser, Retirement Income Division, The
Treasury, Committee Hansard, 9 October 2017, p. 57.
[62]
Association of Securities and Derivatives Advisers of Australia Ltd, Submission
1, p. 3.
[63]
Australian Lawyers Alliance, Submission 17, p. 9.
[64]
Australian Collectors and Debt Buyers Association, Submission 3, p.
7.
[65]
Association of Securities and Derivatives Advisers of Australia Ltd, Submission
1, p. 5; see also National Insurance Brokers Association of Australia, Submission
18, [p.7].
[66]
Australian Institute of Superannuation Trustees, Submission 6, pp.
14–16.
[67]
Association of Securities and Derivatives Advisers of Australia Ltd, Submission
1, p. 2; Mr Thomas Beregi, Chief Executive Officer, Credit Corp
Group, Committee Hansard, 9 October 2017, p. 1; Mr Raj Venga, Chief
Executive Officer and Ombudsman, Credit and Investments Ombudsman, Committee
Hansard, 9 October 2017, p. 13.
[68]
Financial Ombudsman Service, Submission 7, p. 4.
[69] Association
of Superannuation Funds of Australia, Submission 21, p. 11.
[70]
Mr Raj Venga, Chief Executive Officer and Ombudsman, Credit and
Investments Ombudsman, Committee Hansard, 9 October 2017, p. 13.
[71]
Mr Thomas Beregi, Chief Executive Officer, Credit Corp Group, Committee
Hansard, 9 October 2017, p. 5.
[72]
Mr Gerard Brody, Chief Executive Officer, Consumer Action Law Centre, Committee
Hansard, 10 October 2017, p. 5.
Additional Comments by Labor Senators
[1] Radio 5AA,
7 October 2016.
[2] ABC News
Online, 6 December 2016, ‘Government backs away from banking tribunal,
implements another ombudsman instead’.
[3]
See paragraph 1.14