The Australian Securities and Investments Commission was not the only consumer watchdog subjected to critical examination in last's week Senate committee review of ASIC's performance. The two finance sector ombudsman services also need to lift their game, according to the committee.Among its findings, the committee said it was concerned that allegations of fraud were "falling through the gaps" in the external dispute resolution process. It would like to see improvements to EDR's reporting procedures and better co-ordination with ASIC in addressing systemic problems. And it believes caps on eligibility and compensation are too low.The committee said: "Effective external dispute resolution schemes free up ASIC to concentrate on the most serious transgressions  and system-wide problems. The EDR schemes are a key part of any successful consumer protection framework."In many cases consumers took their complaints about the conduct of brokers or lenders to one of ASIC's approved external dispute resolution schemes [the Financial Ombudsman Service and the Credit Ombudsman Service Ltd]. "According to many submitters they were dissatisfied or disappointed with the management of their cases by the relevant EDR scheme."