This has been possible since both BBSW and the cash rate are supported by underlying markets with enough transactions to calculate robust benchmarks. We have been encouraging users of Australian dollar benchmarks to be choosing the benchmark that is most appropriate for their circumstances. Sometimes it makes sense to use a credit-based benchmark, such as BBSW, particularly when banks are issuing funding instruments.
I am sure the banks are taking steps to appoint adequate number of IOs, in line with the volume of complaints received by them as provided in the scheme. A critical aspect of consumer protection that calls for dedicated attention within banks/ FSPs is management engagement.