Highlights

Telephone Service

New Disputes

Dispute Resolution Process

Closed Cases

Types of Disputes

Systemic Issues

Case Studies

Complete Annual Report

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This year marks the fifteenth anniversary of the commencement of the Scheme.

Whilst the two previous reporting periods saw a decline in the number of new disputes lodged with the Scheme, this year there was an increase of 4.2 per cent to 6,104. The trend of a higher proportion of complex cases continued this year.

For the third consecutive year there was an improvement in the number of cases closed within 60 days. Of the cases referred to members during the year, 53.4 per cent were closed within 60 days, compared to 47.2 per cent last year.

The number of disputes resolved prior to a BFSO investigation rose from 90.1 per cent last year to 91.6 per cent this year. This illustrates the success of members' efforts to resolve disputes as early as possible after referral from BFSO.

BFSO continued its important role in identifying and resolving systemic issues. Of the 27 potential systemic issues investigated this year, 11 were determined to be systemic and were resolved, 2 were determined not to be systemic and 14 investigations are on-going.

The independent review of the operations and procedures of BFSO was completed in November 2004. The principal finding of the Review Report is that the BFSO Scheme operates in a successful manner and is highly regarded by its stakeholders. The Report contains a series of recommendations which aim for incremental improvement in the Scheme's operation by suggesting minor refinements or shifts in emphasis to process and policy. The majority of recommendations made by the reviewer have now been implemented.

BFSO has again focussed on external consultation and community and member education. The number of presentations made by BFSO rose from 54 last year to 70 this year. Briefing sessions for members continued and a Continuous Improvement Forum was held with consumer advocates in June 2005.

The membership base has continued to grow. As at 30 June 2005, the Scheme had 64 members. Members now include banks, mortgage brokers, financial planners, debt collection agencies, foreign exchange providers, non cash payment facilitators and fund managers.