Senator the Hon Mathias Cormann

Earlier this year the Government extended the terms of reference for the independent review conducted by Professor Ian Ramsey into external dispute resolution in the financial services sector.

The new terms of reference enables the independent panel to make recommendations on the establishment, merits and potential design of a compensation scheme of last resort as well as the merits and issues involved in providing access to redress for past disputes in the financial sector.

To enable the panel to consider stakeholder views on the expanded terms of reference, a new Supplementary Issues Paper has been released for consultation. Submissions are welcome before Wednesday 28 June 2017.

The expert panel is chaired by Professor Ian Ramsay with Ms Julie Abramson and Mr Alan Kirkland as members. The Ramsey Review builds on the Government’s response to the Financial System Inquiry which sets out a suite of policies to improve Australia’s financial system.

The Supplementary Issues Paper and information on how to make a submission are available on the Treasury website.