2015 consultation on Approved Dispute Resolution Schemes
In 2015 we consulted on increasing the maximum amount of compensation that dispute resolution schemes could award for disputes real property insurance claims from $200,000 to $350,000.
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About the consultation
In March 2015, we invited submissions on a discussion document that proposed to increase the compensation that dispute resolution schemes can award in relation to disputes about real property insurance claims from $200,000 to $350,000. Consultation closed on 9 April 2015.
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We received 11 submissions on the discussion document.
We considered whether to amend the current cap as part of the broader review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (the FA Act and FSP Act).
This enabled consideration of the dispute resolution regime in its entirety as well as consideration of how it interacted with other elements of the FA Act and the FSP Act.
We then prepared an Options Paper on the review of the FA Act and FSP Act which was released later in 2015. This paper sought public feedback on potential options for changes to the regulatory regime.
More information on the review of the FA Act and FSP Act is available in the regulation of financial advice section of this website.