A single ombudsman for financial, credit and investment disputes should be created, according to a Treasury report.

The Ramsay review – set up earlier this year to assess the financial system’s external dispute resolution and complaints network – has published its interim report recommending the proposed new scheme replace the Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman.

“The panel considers that a shift to a single industry ombudsman scheme for these disputes would incorporate all the strengths of the existing industry ombudsman model… while addressing the problems that arise where the framework consists of multiple schemes with overlapping jurisdictions,” the report says.

The new scheme’s jurisdiction should be at least as broad as FOS’ jurisdiction, and monetary limits and compensation caps should be increased.

Superannuation disputes should remain separate for now, the report says, with a new industry ombudsman scheme set up to replace the Superannuation Complaints Tribunal.

The two new schemes should work closely together and could be merged in future.

Submissions on the interim report must be received by January 27.

A final report will be provided to Minister for Revenue and Financial Services Kelly O’Dwyer by the end of March.

See other story