Most financial counsellors back a merger of the Financial Ombudsman Service (FOS) and the Credit and Investment Ombudsman (CIO), according to a survey.

Financial Counselling Australia asked members to rate their experiences with the watchdogs and say whether they should join forces.

About 75% say yes to a merger using FOS processes as the benchmark.

Respondents report a more positive experience with FOS, rating it 7.8 out of 10 compared with the CIO’s 5.8.

FOS Chief Ombudsman Shane Tregillis has welcomed the report and says a merger would reduce complexity for consumers.

“While competition in industry more generally is regarded as beneficial for consumers in lowering prices and improving services, the same cannot be said for competition in external dispute resolution,” he said.

The Australian and New Zealand Ombudsman Association and the Australian Securities and Investments Commission share this view, he says.