Glossary of Abbreviations and Terms

The Act: Financial Service Providers (Registration and Dispute Resolution) Act 2008.

ASIC: The Australian Securities and Investment Commission. Under the Corporations Act, ASIC has an equivalent function to the Ministry of Consumer Affairs in approving consumer dispute resolution schemes in the financial sector.

Benchmarks/ Benchmark Principles/Australian Benchmarks: Benchmarks for Industry-based Consumer Dispute Resolution Schemes, released in 1997 by the Consumer Affairs Division of the Department of Industry, Science and Tourism. The benchmarks are directly incorporated into section 52(2) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

Deadlock: The situation where a complaint reaches an impasse in the member's internal complaints scheme. The consumer is unsatisfied with how the complaint is being dealt with, but the member has not referred the complaint to an external dispute resolution scheme.

Determination: a recommendation or award made by the dispute resolver.

Dispute resolver: The person from the dispute resolution service provider assigned to resolve and make a decision on a complaint.

Financial Service Providers Act: Abbreviated reference to the Financial Service Providers (Registration and Disputes Resolution) Act 2008.

FSP: Financial Service Provider.

Advisory body: The body that oversees the reserve scheme dispute resolution service operations and the reserve scheme service provider.

MCA/ the Ministry: Ministry of Consumer Affairs.

Member: A financial service provider that is a member of the reserve scheme.

Reserve scheme service provider / service provider: The entity providing the dispute resolution service for the reserve scheme.

The Minister: Unless otherwise specified, the Minister of Consumer Affairs.

The reserve scheme: The financial service providers reserve dispute resolution scheme.