An independent review of the Insurance & Financial Services Ombudsman Scheme’s (IFSO Scheme) complaints handling processes has been completed by Professor John McMillan.
Carried out every five years, this latest review focused on the principles of independence and fairness. Independence is a government accreditation criterion for dispute resolution schemes. The review found compliance with the principle is firmly rooted in how the scheme is constituted and operates.
The principle of fairness is another accreditation criterion, and again the review found the scheme practised fairness both in its processes and decision outcomes.
The Ombudsmen for Financial Services Complaints (FSCL) and the IFSO Scheme are currently in merger talks. In light of this, Professor McMillan has not made any formal recommendations for the IFSO Scheme.
Sue Suckling, IFSO Scheme Chair, says the review has highlighted the positive regard for the way in which the IFSO Scheme operates, and the sound approach it has to the principles of independence and fairness.
“Other comments in the review give good insight into how we might incorporate the changing dynamics in the economy and the environment, and the current government’s interest in reforming aspects of the financial sector,” she says.
Prof McMillan says the scheme is highly regarded by all stakeholders for its professionalism, transparency, expertise, rigour, and balance.
Click here for our report on the IFSO/FSCL merger.
Click here to download the full independent review report.