Insurance dispute resolution stalwart Dick Viney has been made a Member of the Order of Australia (AM).

The 75-year-old was recognised in the Australia Day honours list for significant services to the finance and insurance sector and his contribution to consumer protection.

Mr Viney was alternative chairman and adjudicator of the Insurance Ombudsman Service (IOS) from 1998-2007 and chairman of Insurance Brokers Disputes (IBD) from 2007-09.

He was also alternative chairman and ombudsman of the Financial Industry Complaints Service (FICS) and Financial Ombudsman Service (FOS) from 2002-11.

FOS was formed in 2008 with the merger of FICS, IOS and the Banking and Financial Services Ombudsman, with IBD joining the following year.

Mr Viney says he has been pleased and surprised by the honour, which recognises early insurance dispute resolution schemes.

He believes IOS, previously known as Insurance Enquiries & Complaints, was ahead of its time.

“It was a leader in its own right, with much greater transparency,” he told insuranceNEWS.com.au. “There was nothing like it in the other industries at the time.”

He says there was a “fair bit of watering down” when FOS was established, but consumers are still getting a fair deal.

“FOS is much better than nothing, but the timelines have become drawn out. They send the parties draft decisions and then consider feedback, which has not helped.

“It is time-consuming and reduces the significance of the review insurers conduct under their own code of practice, because they know they are going to get a second bite.”

Mr Viney conducted the first independent review of the Code of Banking Practice from 2000-01 and was a consultant to law firm Mallesons Stephen Jaques from 1995-2001.

He was also director of the Australian Financial Institutions Commission from 1995-99 and a barrister and solicitor of the supreme courts of Victoria and WA. He is now retired.

Ferguson Cannon Lawyers MD Glenn Ferguson was also awarded an AM, for services to the law profession. He is Chairman of WorkCover Queensland and Queensland Law Society professional indemnity provider Lexon Insurance.