Page 199 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 19 - CONSUMER INTERESTS - THE 1990’S A PERIOD OF MASSIVE CHANGE
group of companies they represented. When they made a decision their company executed it and their peers in the industry followed. This also meant that government and government agencies came to trust ICA and believed that we could deliver change.
Self-regulation and co-regulation worked. The Federal Government later established a Self- Regulation Task Force under the auspices of Joe Hockey, who was then the Minister for Financial Services and Regulation, and I was appointed to it.
The consumer movement also came to adopt a constructive working relationship with IEC and ICA, without ever compromising their independence or their advocacy.
As I reflect now I believe time is right for a fundamental shift in financial services. Will the industry itself lead the change or will external forces drive it? Will the 2018 Royal Commission into Banking and Financial Services be a catalyst to make a real difference?
Back into 2001 Joe Isaac AO, who had been Chair of the IEC Panel from 1993 to 1996, wrote a book entitled The General Insurance Enquiries and Complaints Scheme: The First Ten Years. The book is great reading as it really brings out the flavour of the times.
As chair of IEC at the time I wrote in the Forward the following:
“Why a History?
Alternative dispute resolution (ADR) was a radical departure from normal industry practice. The General Insurance Enquiries and Complaints Scheme led the way for schemes when introduced in 1991. Supported strongly by the insurance industry, the government and ultimately by the consumer movement, it developed quickly into a world-renowned ADR scheme.
The scheme arose because the insurance industry saw the need to provide a better means of dealing with disputes arising from normal claims
199