Senate debates

Wednesday, 6 December 2017

Bills

Treasury Laws Amendment (Putting Consumers First — Establishment of the Australian Financial Complaints Authority) Bill 2017; In Committee

12:05 pm

Photo of Mathias CormannMathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

That's right. Let me go back to what I said right at the beginning when I dealt with these issues when Senator Cameron moved his amendments. Under our one-stop shop, consumers will be able to approach one body to resolve all financial disputes, eliminating uncertainty, confusion and inconsistency of outcomes and the cross-referral of disputes between bodies. Where a complaint covers multiple providers within the financial system, managing these complaints will be smoother. This provides efficient and binding outcomes. But, yes, the answer to Senator Cameron's question about the circumstances in which a review by the Federal Court could occur is that that is accurate.

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