Consumer advocates are pushing for financial complaints organisations to come under one entity, as a way to make it easier for the public to pursue complaints.
Currently, the Banking Ombudsman, the Insurance and Financial Services Ombudsman, Financial Services Complaints Limited, and Fairway Dispute Resolution Service all deliver dispute resolution services, for various parts of the financial services sector.
All banks, lenders, insurers and other financial service providers must belong to one of the schemes.
But budget mentors want them to be rolled into a single agency, something that has already happened in Australia and the UK.
Now, with parliament reviewing the legislation governing financial service providers, FinCap, the umbrella group for financial mentoring services says the time is right to reform the system.
Kathryn speaks to FinCaps Senior Policy Advisor Jake Lilley.
