Banking and Financial Services Complaints

The Banking and Financial Services Ombudsman has released his office’s 2003-2004 Annual Report.

For the second consecutive year there has been a decline in the number of new cases (15.5 per cent) to 5,859 and an increase in the number of cases resolved prior to an investigation (90.1 per cent from 87.0 per cent in 2003).

As a consequence of the early resolution of many cases, disputes that do require investigation are now more complex.

As at 30 June 2004 the Scheme had 30 bank members and 17 non-bank members. To reflect increases in housing prices, borrowing levels and the size of investments, the Board has approved an increase in the jurisdictional limit from $150,000 to $250,000, to take effect in December 2004.

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