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Insurance & Savings Ombudsman reflects on a busy year

Insurance & Savings Ombudsman reflects on a busy year

As the Insurance & Savings Ombudsman Scheme releases its 2013 Annual Report, Insurance & Savings Ombudsman Karen Stevens observed that the last year had been a “busy year for the ISO Scheme, with a growing membership, a Scheme review and a significant increase in complaint numbers”. Ms Stevens stated “our annual report is a snapshot of the last year and the case studies contained in it, give a flavour of the kind of work we are doing to assist customers and financial service providers resolve complaints.”

Ms Stevens stated that it had been “a year of growth and consolidation. We now have more than 3,000 Participants, who provide financial services to potentially more than 1 million consumers. Our expertise acquired over the last 18 years, handling over 42,000 complaint enquiries and investigating nearly 5,000 complaints, means we can assist Participants resolve complaints before they are escalated to us and it gives customers of our Participants reassurance that their complaint will be fairly and independently reviewed.”  

In the year to 30 June 2013, the ISO Scheme has dealt with over 3,100 complaints enquiries and investigated and resolved 279 complaints. In this period, around $1.4m was paid by the Participants to consumers who had their complaints considered by the ISO Scheme (not including weekly disability benefit payments under income protection, superannuation or life policies).

The ISO Scheme has just completed its 5 yearly independent review. This independent review found the ISO Scheme to be a competent, well-run EDR scheme that met the six principles of accessibility, independence, fairness, accountability, efficiency and effectiveness. Ms Stevens commented “We are delighted with the results of the review and are already planning how to implement the changes suggested to further improve our service.”

ENDS

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