Greater focus on conduct and consumer outcomes

Banking Ombudsman supports greater focus on conduct and consumer outcomes

Banking Ombudsman supports greater focus on conduct and consumer outcomes

The Banking Ombudsman Scheme (BOS) welcomes the report into life insurer conduct and culture released by the Financial Markets Authority and the Reserve Bank today.

“We support the recommendations which will strengthen the management of conduct risks and improve the focus on good customer outcomes in the life insurance sector,” says Banking Ombudsman, Nicola Sladden.

Some banks sell policies provided by their own insurance divisions, and other banks sell policies supplied by separate companies. BOS can consider all complaints about the selling process by banks, regardless of whether banks sold an internally or externally provided policy.

BOS can also consider complaints about the way a claim has been assessed, or the fact it has been declined, if the bank itself has provided the policy. If the complaint is about a claim on another company’s policy, BOS can put people in touch with the right dispute resolution scheme.

“We welcome the proposals in the report which focus on good conduct and good outcomes at every stage of the insurance process – from product design through to the sales process and issue remediation.”

“We will continue to work closely with the regulators and other dispute resolution schemes to address the issues that have been identified in the report”.

ENDS

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