The IFSO Scheme has been approved by the Minister of Consumer Affairs to provide an external disputes resolution service for consumers with complaints about their financial services providers. It offers a free and independent complaints service to customers of its Participants.
Complaints brought to the IFSO Scheme are about:
- Insurance (including house, vehicle, contents, health, life and travel insurance)
- Superannuation, investments and securities
- Loans and credit
- Financial advice and broking services
- Foreign exchange and money transfer services
Financial service providers are required to belong to a dispute resolution scheme. The IFSO Scheme has over 4000 Participants. We can only formally investigate a complaint if it involves a Participant of our Scheme.
The IFSO Scheme is funded through Participant fees and levies.