The Federal Government has named the independent expert panel that will review the financial system’s external dispute resolution and complaints network.

Ian Ramsay, professor of commercial law at the University of Melbourne and member of the Law Council of Australia, is Chairman, with regulation expert Julie Abramson and Choice CEO Alan Kirkland as members.

“As announced last month, the Government is commissioning a review on the role, powers, governance and accountability of the… financial system external dispute resolution and complaints framework,” Assistant Treasurer Kelly O’Dwyer said.

“Currently, there are three bodies to help consumers resolve disputes with financial services providers: the Financial Ombudsman Scheme (FOS), the Superannuation Complaints Tribunal and the Credit and Investments Ombudsman.

“The Government is committed to ensuring these bodies are working as effectively as possible to meet the needs of users. Concurrently with this independent review, I have asked [the Australian Securities and Investments Commission] to undertake a review of FOS’s small business jurisdiction.”

The panel will consult with industry, dispute resolution schemes, consumer representatives and other stakeholders before providing a final report to Government this year.