The Committee recommends that the Australian Securities and Investments Commission amend Regulatory Guideline 139 by 1 July 2012 to require the Financial Ombudsman Service to report regularly to the Australian Securities and Investments Commission and also to make public:
- the names of insurance companies that have breached the Code or are involved in systemic issues, and the types of breach; and
- the annual number of internal dispute resolution and external dispute resolution cases for each insurance company.
Further, the Committee recommends that, following declared disaster events, the Financial Ombudsman Service should be required to provide a report to the Australian Securities and Investments Commission on breaches and dispute resolutions specific to the disaster area.
SrcNUM
Recommendation 6
RecCODE
INQref