About Us

Since 1995, the IFSO Scheme¹ has provided a free and independent service for thousands of consumers. Each year we respond to over 3,000 complaint enquiries and resolve about 300 complaints.

The IFSO Scheme has been approved by the Minister of Consumer Affairs to provide an external disputes resolution service for consumers with complaints about their financial service providers. Financial service providers are required to belong to a dispute resolution scheme. The IFSO Scheme has over 4,000 Participants. We can only formally investigate a complaint if it is about a Participant of our Scheme. The IFSO Scheme is funded through Participant fees and levies.

¹The Insurance & Financial Services Ombudsman Scheme is an approved Dispute Resolution Scheme delivered by Insurance & Financial Services Ombudsman Limited (IFSO). 

Insurance & Financial Services Ombudsman and Chief Executive Officer - Karen Stevens

With a background in law and alternative dispute resolution, Karen Stevens was appointed as the Insurance & Financial Services Ombudsman in 1998. She is a qualified arbitrator and mediator, with her most recent qualification being a Masters in law from LaTrobe University in Melbourne, majoring in conflict resolution.

Karen is a founding member and on the Executive Committee of the Australian and New Zealand Ombudsman Association (ANZOA), the professional association and peak body for Ombudsmen in Australia and New Zealand. She is a member and former Chair of the International Network of Financial Services Ombudsman Schemes (INFO Network).

IFSO Board

The IFSO Scheme was previously delivered by a society. From 1 April 2025, the society restructured to become a company. 

IFSO is governed by a board of directors who oversee its operations and also ensure that the IFSO Scheme meets its statutory requirements and objectives.

The IFSO Board is made up of:

• an Independent Chairperson
• three Independent Directors, two of whom have knowledge and expertise of consumer interests 
• an Industry Director with financial services industry experience, who is associated with a Participant.

Our Board of Directors:

Our Team

Karen and Deputy Ombudsman, Louise Peters, lead a team of Case Managers with expertise in dispute resolution, law and the financial services industry. The team have legal and dispute resolution skills. They can offer a range of solutions to consumers and Participants to assist in resolving complaints. Alongside the Case Managers, there are dedicated first contact staff, a membership team, and Communications Manager.

The Terms of Reference sets out the IFSO Scheme’s jurisdiction, including the types of complaints that can be investigated, monetary limits, resolution methods and decision making criteria, together with information about complaint resolution and the obligations of IFSO Scheme Participants. 

Australian and New Zealand Ombudsman Association (ANZOA)

Karen is a founding member and on the Executive Committee of the Australian and New Zealand Ombudsman Association (ANZOA). Established in 2003, ANZOA is the professional association and peak body for Ombudsmen in Australia and New Zealand. ANZOA's members are individual Ombudsmen working in not-for-profit industry-based, parliamentary and other statutory offices, which meet accepted high standards of independence, impartiality and effectiveness, and which observe the Benchmarks for Industry-Based Customer Dispute Resolution (CDR Benchmarks). See: www.anzoa.com.au

INFO Network

The IFSO Scheme is a member of the International Network of Financial Services Ombudsman Schemes (the INFO Network), a worldwide association established in late 2007. Karen Stevens is a former Chair of the INFO Network. Members are Ombudsman schemes and offices operating as independent, out-of-court dispute resolution mechanisms in the financial services sector. INFO Network members provide dispute resolution services for consumers (and, in some cases, small businesses) who have not been able to resolve a matter directly with their financial service provider in the areas of banking, investments, insurance, credit, financial advice and pensions. The overall aim of the INFO Network is for members to work together to develop their expertise in dispute resolution, by exchanging experiences and information. See: www.networkfso.org