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Chen, Vivien; Godwin, Andrew; Ramsay, Ian --- "Consumer financial dispute resolution in a time of increased regulatory scrutiny" [2020] ELECD 218; in Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan (eds), "Research Handbook on Asian Financial Law" (Edward Elgar Publishing, 2020) 209

Book Title: Research Handbook on Asian Financial Law

Editor(s): Arner, W. Douglas; Wan, Yee Wai; Godwin, Andrew; Shen, Wei; Gibson, Evan

Publisher: Edward Elgar Publishing

Section: Chapter 12

Section Title: Consumer financial dispute resolution in a time of increased regulatory scrutiny

Author(s): Chen, Vivien; Godwin, Andrew; Ramsay, Ian

Number of pages: 24

Abstract/Description:

This chapter outlines consumer financial dispute resolution mechanisms in the ASEAN 5 countries, Australia and New Zealand and compares single-body schemes with multiple-body schemes. The comparison between Australia and New Zealand reveals that the choice of schemes inevitably involves trade-offs. While Australia has decisively endorsed the single-body approach, New Zealand’s endorsement of its multiple-body scheme is more qualified. Only time will reveal whether the decision to move towards a single-body system in Australia has been the correct one. There are precedents – such as the system in the UK and Singapore – that augur well for a single-body system. That said, various questions remain open for discussion and research in relation to a single-body system. These questions include how significant the cost implications will be and whether size and scale really matter in terms of the outcomes for consumers.