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Issue 30 - July 2017

Chief Ombudsman's Message

Welcome to the first edition of The FOS Circular for the 2017/18 financial year. The Government is consulting on a range of issues relating to the legislation and regulations for the proposed Australian Financial Complaints Authority (AFCA). FOS has contributed to this process an...READ MORE

Shane Tregillis

FOS Forum

Key determinations

Key determination 1: Foreign exchange trading The financial services provider (FSP) was a foreign exchange broker that provided online trading facilities for, among other things, foreign exchange trading. The applicant disputed the reversal by the FSP of $125,000 of USD/CNH (US t...READ MORE

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FOS News

Upcoming events

Over the next few months we will be in Brisbane, Sydney, Adelaide and Perth running various sessions for our Banking and Finance, Investments and Advice and General Insurance members. Please visit our online events calendar regularly. You can keep up-to-date with our latest event...READ MORE

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New Life Insurance Code of Practice

The Life Insurance Code of Practice came into effect on 1 July 2017. It will be monitored by an independent body responsible for ensuring subscriber compliance with the Code, the Life Code Compliance Committee (LCCC). The Code Compliance and Monitoring team will be the administra...READ MORE

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Live chat pilot at FOS

In November 2016, FOS implemented Live Chat across its website and online dispute form to improve upon its customer satisfaction. It has become an increasingly popular method for organisations to communicate with people online. Live Chat has allowed FOS to provide instant custome...READ MORE

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An update from the Code team

The Code team is a separately operated and funded team within the Financial Ombudsman Service (FOS) Australia. Its activities are separate from the external dispute resolution scheme operated by FOS. We support independent committees to monitor compliance with codes of practice i...READ MORE

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Under the spotlight: Meet our Adjudicators

Adjudicators perform a vital role at FOS making jurisdictional decisions and resolving disputes by making determinations under our Terms of Reference. With several new faces recently appointed by the FOS Board, we asked our adjudicators a few questions so that FOS Circular read...READ MORE

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Postcard from... Queensland

Prisoners' Legal Service Inc. (PLS) helps people in prison and their families with legal matters relating to their incarceration, such as parole or family visits. PLS obtained funding for a financial counselling service from FaHCSIA (now DSS) and Tukie Balanzategui filled the pos...READ MORE

Tukie Balanzaregui
Unpaid determinations update

There have been three reportable incidents of non-compliance since the last update and as a result, between the commencement of the single Terms of Reference on 1 January 2010 and 30 June 2017, the figures have increased to: 39 FSPs who are unwilling or unable to comply with 154 ...READ MORE

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Systemic Issues

Systemic issues update

This article summarises some notable systemic issues that were newly identified during the June quarter of 2017. These de-identified matters were reported to the Australian Securities and Investments Commission (ASIC) in accordance with our processes. This update also provides an...READ MORE

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Statistics

Statistics report

Total disputes received by quarter We received 10,115 disputes in the April to June 2017 quarter. This is consistent with last quarter but an 8% increase compared with the same quarter last year. Total disputes received by product line Most disputes received this quarter were cre...READ MORE

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