In our last edition of the Circular, we told you about a pilot project we were beginning in August 2013, called Project 500. The pilot was developed to deal with the large number of credit, deposit-taking and payment system disputes we receive.
We have now finished the third month of the pilot and have extended it to include more financial services providers (FSPs) in addition to the initial four FSPs that commenced the pilot.
While we’re still in the early days of the pilot and we’re still assessing its impact, initial indications are that the project is tracking well towards achieving its objectives of resolving disputes more quickly and reducing the backlog. It may be a while before we are able to fully measure the project’s overall benefits, but initial feedback has been positive.
We will continue to monitor the project and we welcome feedback from FSPs, consumers and consumer advocates as we work towards what we’re sure will be a positive outcome.