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Issue 26 - August 2016

Chief Ombudsman's Message

Welcome to the winter edition of The FOS Circular for 2016. It is now one year since we introduced our streamlined approach to resolving disputes. Regular readers will be aware, the new process was in a large part formulated based on feedback from our stakeholders around how we...READ MORE

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FOS Forum

Key determinations

Guarantor as co-borrower. The FSP entered into a loan with the applicant and her then husband. The purpose of the loan was to refinance existing liabilities. The substantial majority of those existing liabilities were loans between the FSP and the applicant’s husband. The appli...READ MORE

Paper house and metal keys on grass

FOS News

Upcoming events

Act quickly to make sure you don’t miss out on this year’s FOS Australia National Conference. The one-day intensive program on Thursday 8 September will provide you with industry insights, information on successful dispute resolution, and useful tips on how best to deal with di...READ MORE

Speaker panel at the FOS National Conference.
FOS makes global connections

Di Ennis, Senior Manager – External Dispute Resolution Teams, attended the Global Partnership for Financial Inclusion (GPFI) workshop in Xi’an, China, at the end of May. The GPFI is an inclusive platform for all G20 countries, interested non-G20 countries and relevant stakehold...READ MORE

Di Ennis
An update from the Code Compliance and Monitoring Team (FOS Code)

The Code team is a separately operated and funded business unit of the Financial Ombudsman Service (FOS) Australia. We support independent committees to monitor compliance with codes of practice in the Australian financial services industry to achieve service standards people c...READ MORE

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Under the spotlight: Jenny Peachey

Jenny Peachey, Executive General Manager Strategic Review, has a very short set of criteria she applies to her employment. “A job is so much more than a PD to me; it’s a philosophy, it’s your principles, and it’s entirely what you make of it. I’ve never had a job I don’t like. ...READ MORE

 Jenny Peachey
Postcard from... Caxton Legal Centre, Queensland

Now in its eighth year at Caxton Legal Centre, the Consumer Law Advice Clinic offers students at the University of Queensland an opportunity to work alongside its experienced consumer lawyers on consumer credit-related files for vulnerable clients. Amanda Hess, the current clin...READ MORE

The friendly staff of Caxton Legal Centre in Queensland.
Unpaid determinations update

Continuing our reporting on the issue of some consumers not receiving compensation from financial services providers (FSPs) following FOS determinations, this article provides an update on the number of unpaid FOS determinations issued under the single FOS Terms of Reference. S...READ MORE

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Systemic Issues

Systemic issues update

This article summarises some notable systemic issues that were newly identified during the April - June quarter of 2016. These de-identified matters were reported to the Australian Securities and Investments Commission (ASIC) in accordance with our processes. This update also p...READ MORE

Systemic Issues update

Case Studies

Case study: A phone scam targeting older people

The applicant was a 69-year-old aged pensioner, living with her husband, aged 75, in a rural area. She received a message on her answering machine from a person saying they were from the Australian Taxation Office (ATO) instructing her to call back immediately. The message said...READ MORE

Elderly woman on the phone, holding a hand to her face in worry.

Statistics

Statistics report

Disputes received at the Registration and Referral stage. We received 9,401 disputes. Compared with last quarter, this is a 9% increase. Compared with the same quarter last year, this is a 22% increase. We saw this increase across all product lines. Total disputes received by...READ MORE

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