Preventing complaints as important as resolving them

26 March 2015

This year the Insurance & Savings Ombudsman Scheme celebrates its 20th anniversary as a dispute resolution scheme. Our focus for members is how to improve business practices and avoid future complaints, says Insurance & Savings Ombudsman Karen Stevens.

This week the ISO Scheme launched a new website resource to give their members online access to complaint data, information, complaints handling resources, and training and professional development opportunities.

“With the introduction of compulsory dispute resolution for financial service providers since 2010, the ISO Scheme has expanded rapidly,” says Karen. “We now have over 4000 members, including insurers and providers of investments, loans and credit, superannuation, financial advice and foreign exchange.”

“An advantage of belonging to the ISO Scheme is the wealth of experience and information we’ve built up over 20 years in business as a dispute resolution scheme” says Karen. “The data we hold on complaints is a valuable benchmark to help the industry self-regulate and improve business practices,” says Karen.

“The training we provide focuses on real complaints to illustrate what went wrong and the lessons that can be learnt so mistakes are not repeated. Ultimately, this can help financial service providers to avoid future complaints and give better service to their customers.”

ISO Webinars are provided throughout the year, and those who attend can gain Code Structured CPD credits.

The ISO Scheme also prioritises its consumer information role. “Each year we field thousands of enquiries, where we provide information and guidance to help consumers understand their options and make informed choices.”

Karen says the ISO Scheme’s enquiry, or first-contact, service is another way to resolve issues before they escalate to become complaints. “While we investigate about 300 complaints each year, we deal with about 3,000 complaint enquiries. Resolving issues at the earliest possible opportunity gives a better outcome to all parties.”

Contact the ISO Scheme: 0800 888 202