SOCAP Australia 2004 International Symposium

1. SOCAP Australia 2004 International Symposium Presentation by Colin Neave Banking & Financial Services Ombudsman 27-29 October 2004

2. 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 www.bfso.org.au

3. 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 www.bfso.org.au

4. 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 www.bfso.org.au

5. www.bfso.org.au

6. 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 www.bfso.org.au