Consumer advocates have written to the Prime Minister about access to justice in the finance and banking sector.
“Our organisations have supported and represented thousands of consumers in disputes with banks and financial services providers over many years. One of the most significant advances in consumer protection in the past 20 years is the establishment of mandatory external dispute resolution (EDR) schemes in financial services. EDR schemes are successful because they offer fast, free and accessible avenues for consumers to resolve disputes. Compare this to tribunals that are typically slow, inflexible, inaccessible and legalistic, and unable to respond to systemic issues.”