What hope does the public have in working out who does what?
I have been staggered by the number of insured’s who have come to me asking how they can submit a paper to the Royal Commission. They do not know who else they can complain to, particularly when they believe the Financial Ombudsmen Service (FOS) has failed them and or it is outside their jurisdiction.
I will leave my own observations of FOS to another day but only when I have spoken to them first.
What prompted me to write today is the news, reported in the New Daily that the Productivity Commission was unable to determine the respective responsibilities of financial regulators APRA and ASIC despite it dedicating a full-time staff member to finding out, a finance industry conference has heard.
The Productivity Commission is the Australian Government’s independent research and advisory body on a range of economic, social and environmental issues affecting the welfare of Australians.
Commission deputy chair Karen Chester told the Financial Services 2018 summit in Melbourne on Wednesday, that the commission “nearly killed” a staffer “trying to work out exactly who does what between ASIC and APRA”. I appreciate the confusion is not all just around regulating general insurance but it is a serious issue.
Speaking to senior insurance officials of late, the cost of compliance is ever increasing and while there are practices that clearly need to be corrected, we all need to know who is doing what and ensure there is no duplication or equally as bad, bits falling through the cracks. We all need, including the government, who is doing what to protect consumers.
Thanks the New Daily for reporting all this.