HomeView 2016 Media ReleasesCOBA backs better dispute resolution

COBA has backed changes to ensure consumers can easily find and access external dispute resolution in the retail banking market.

COBA has backed changes to ensure consumers can easily find and access external dispute resolution in the retail banking market.

In a submission to the Government’s Review of dispute resolution, COBA supports the Review’s proposal for a ‘triage’ service that would direct consumers to the right scheme.

“Our sector’s market-leading customer satisfaction reflects the success of our model in putting customers first and we always strive to resolve customer disputes in-house,” COBA CEO Mark Degotardi said.

“However, when internal dispute resolution can’t be achieved consumers need a quick and easy path to efficient and fair external dispute resolution.

“Our view is that the two dispute resolution schemes currently operating in retail banking, FOS and CIO, are performing effectively and there is no strong case for either of the two schemes to be scrapped.

“The benefits of having two ASIC-approved schemes, rather than one, are the capacity to benchmark service levels, efficiency and costs and to create competitive tension to drive innovation and better performance.

“The existing schemes are free to consumers and they allow consumers to have disputes resolved quickly in a co-operative, efficient and fair manner with minimum formality and technicality. The point of these schemes is that they are not like going to court.

“A new ‘triage’ service would build on the strengths of the existing system by giving consumers a one-stop shop to find ‘their’ scheme. The service should be operated by an appointee of the boards of the two existing schemes and it should be funded by the existing schemes.”

Media Release - EDR Scheme Review128.48 KB

Submission - EDR Scheme Review342.23 KB

For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
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