Lodging a complaint
First discuss the problem with the complaints or customer relations officer of your insurance broker or financial service provider. Under the IBD scheme, participants are required to have internal systems to monitor and resolve complaints. They must agree to make a decision about your complaint quickly, usually within 20 working days.
If you are still not satisfied, you should contact the IBD's Compliance Manager who is there to assist. Generally problems can be fixed with a single telephone call. If you are not happy with the outcome after 20 working days, your dispute will be passed on to the IBD's Referee.
The Referee, who is legally qualified, will issue a decision within 20 working days. Under IBD Terms of Reference, insurance brokers and financial service providers must abide by decisions made by the Referee, although they are not binding on the consumers.
Ask whether your insurance broker or financial service provider participates, or check with the IBD.
To contact IBD call 1300 78 78 08 or email