Treasury, FSB support super ombud
Officials from the Treasury and Financial Services Board have strongly defended the Financial Services Ombud Schemes Bill, saying it was the only way in which Parliament could protect consumer interests, reports Business Report .
Shrugging off an equally strong attack on the Bill on Tuesday by a plethora of organisations representing private sector banks, insurance companies and their own ombud schemes, the officials said opposition to the establishment of a new statutory ombud under the Financial Intermediary and Advisory Service Act and a Financial Service Ombud Schemes Council to register all ombud schemes, would deny the public wider access to recourse for bad service. Full report in Business Report