Professor Philip Lane:

The Senator has phrased it correctly. The process is to try to accelerate and enlarge the number of people who do not have to invoke common law and who do not have to go to the Financial Services Ombudsman or the courts to receive what they are due. We have added this additional process to try to deal with the thousands of cases which the Senator has correctly said are so damaging for so many. It does not in any way remove the normal route whereby the Financial Services Ombudsman has the power to order redress and compensation. It would be atypical for a regulator to move into the courts-----