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This year’s results reflect a change in the profile of cases coming to the BFSO. For the second consecutive year there has been a decline in the number of new cases (15.5 per cent) to 5,859 and an increase in the number of cases resolved prior to an investigation (90.1 per cent from 87.0 per cent in 2003).
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This indicates a marked improvement in members’ internal dispute resolution and a positive acceptance of ADR processes. The BFSO has contributed to this early resolution rate by an emphasis on member education, including quarterly Bulletins, tailored presentations and training workshops to members and the annual members’ conference, attended this year by 150 delegates.
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As a consequence of the early resolution of many cases, disputes that do require investigation are now more complex. BFSO initiatives to deal with this include Australia-wide briefing sessions for members, implementation of an electronic Knowledge Management System for staff and expansion of the internal professional development program.
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External consultation and community education have also been in focus this year with a particular contribution being made to financial literacy initiatives and programs.
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A comprehensive stakeholder survey in 2003 resulted in a review of BFSO brochures and other written material to reduce confusion about our role, a review of how our role is communicated to callers and the member briefing sessions introduced in June 2004.
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Case resolution times have continued to improve. 47.2 per cent of cases were closed within 60 days (44.3 per cent in 2003), 80.2 per cent within 120 days (77.5 per cent in 2003) and the median waiting time for cases to be allocated into investigation reduced to 13 days (22 days in 2003). The BFSO website had 43,678 hits between September 2003 and June 2004 with 1197 disputes lodged online.
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The BFSO’s role in investigating and resolving systemic issues continues to be important. 19 systemic issues were investigated this year, involving over 100,000 customers, of which 15 have been resolved.
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The membership base has grown. As at 30 June 2004 the Scheme had 30 bank members and 17 non-bank members. To reflect increases in housing prices, borrowing levels and the size of investments, the Board has approved an increase in the jurisdictional limit from $150,000 to $250,000, to take effect in December 2004. |
