This year we have produced a more accessible summary annual report. A full report, with our audited financials, will be available in September.
More focus on preventing banking disputes through early intervention is starting to pay off according to the scheme’s 2015-16 annual report.
Our volume of work was little changed on last year – about 3,200 cases received and an equal number resolved. However, the composition of the types of cases – disputes, complaints, enquiries – has changed.
The number of cases received during the 2013/14 year was up slightly to 3,250, largely due to a 13 percent increase in enquiries.
The Banking Ombudsman Scheme received 16% more cases in 2012/13, blowing expectations use would decrease as consequences of the global financial crisis eased.
The Banking Ombudsman Scheme's annual report for 2011/12 marks 20 years of dispute resolution in the financial services sector. Over the last 20 years, the scheme has helped over 62,000 customers, resolved around 20,000 cases and facilitated $36.9 million in compensation.
Complaints and enquiries to the Banking Ombudsman Scheme are at historically high levels, but the number of disputes requiring investigation is down.
This year has been unprecedented in the history of the Banking Ombudsman Scheme. We completed more than double the number of investigations than in any previous year and facilitated $14.5 million in compensation to complainants.
This has been an unusually eventful year for the Banking Ombudsman Scheme. It has been dominated by a very large and rapid increase in complaints.
2007-08 was a period of consolidation after a period of change.
Towards the beginning of the year we received our ten thousandth complaint and by the end we had received over 800 more.
2005/2006 has been a major year for the Banking Ombudsman. The first independent review of the scheme was conducted, examining all of its aspects.
Much has happened in the banking sector in the seven years since I wrote my first foreword as Chairman of the Banking Ombudsman Commission.
The year to the end of June 2004 has been notable as the first one in the history of the Banking Ombudsman Scheme where there has been a decline in the number of complaints requiring investigation.
The year ending 30 June 2003 has been a milestone in several ways. The Banking Ombudsman Scheme entered its second decade and the second review of the Code of Banking Practice was completed, as was the second independent audit of our investigation process.
This year's report of the Banking Ombudsman celebrates the 10th anniversary of the commencement of the Banking Ombudsman Scheme on 1 July 1992.
The period of stability on which I commented in last year's report has continued in the year to 30 June 2001.