Page 213 - Be Reasonable – Do It My Way , Peter E. Daly AM, My Story

CHAPTER 19 - CONSUMER INTERESTS - THE 1990’S A PERIOD OF MASSIVE CHANGE
Sadly, whilst the FSCS had the support of many in the insurance industry and one or two of the major banks, the advice industry, which is where the greatest need exists, escaped. The Government did later introduce a compensation scheme for APRA regulated insurers and deposit takers but has still failed to tackle the heart of the problem; notwithstanding a succession of high profile disasters like Westpoint and Storm Financial.
FOS (now to be part of the Australian Financial Complaints Authority (AFCA) continues to push for a mechanism to recover its unpaid determinations, which run at about 30% of all awards in this sector of financial services, but so far to no avail.
I do believe the financial services or advice industry has missed a golden opportunity to take the initiative and do it itself; as the general insurance industry did with dispute resolution and codes of practice. Nevertheless, I will put money on that it will now happen as the Royal Commission into Misconduct in the Banking Superannuation and Financial Services Industry unfolds.
213