SOCAP Australia 2004 International Symposium Presentation by Colin Neave Banking & Financial Services Ombudsman October 2004

Banking and Financial Services Ombudsman Background –Will complete 15 years of operations by mid-2005 –Have experienced the “highs” and “lows” of the business of dispute resolution of Banking and now Financial Services problems over that period –Role is broadening to encompass Code monitoring support, policy development contributions, education and dispute service provision

Banking and Financial Services Ombudsman Dispute and Case Trends –Level of contact by website up –Level of contact by phone and mail down –Cases requiring investigation more complex –Bank IDR areas performance is superb, overall: 90% of cases now resolved promptly –Key areas for further industry improvement are credit cards - limits in particular, and supervision of outsourced service providers such as collection agents, mortgage brokers and mortgage originators

Banking and Financial Services Ombudsman Foundations for 2009 –Continue to build trust on the part of all users of the service –Sophisticated systems capable of complementing the dispute resolution process, leading to on-line dispute resolution –Core of people experienced in dispute resolution with knowledge, and the capability to quickly appreciate the features of a range of financial services products; and –Superior training and staff development programmes

Banking and Financial Services Ombudsman 2009 –Single entry point for disputes for, at least, financial services –Extensive on-line dispute resolution –Retention of a range of Arbitrators, Panels or Recommenders