The independent panel reviewing the financial system’s external dispute resolution and complaints framework has released an issues paper and is calling for submissions.

Revenue and Financial Services Minister Kelly O’Dwyer says the paper seeks views on whether the framework “delivers effective outcomes in a rapidly changing and dynamic financial system”.

The review will examine the role, powers, governance and funding arrangements of the Financial Ombudsman Service, the Credit and Investments Ombudsman and the Superannuation Complaints Tribunal.

The paper discusses the extent of gaps and overlaps between the bodies and the merits of establishing a “one-stop-shop” to adjudicate on consumer complaints and award compensation.

Last week insuranceNEWS.com.au reported the number of general insurance disputes handled by the Financial Ombudsman Service grew 19% in the 2015/16 financial year.

The submissions will assist the formulation of recommendations in the independent panel’s interim report later this year, with a final report expected next March. 

The panel comprises commercial law expert Ian Ramsay, public policy specialist and lawyer Julie Abramson and Alan Kirkland, CEO of consumer group Choice.

Information on the issues paper and submissions is available here.