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Issue 31 - October 2017

Chief Ombudsman's Message

Welcome to this edition of The FOS Circular. In this edition we launch the FOS Approach to Financial Elder Abuse. Elder abuse can take many forms and appropriate safeguards need to be put in place to help protect vulnerable consumers when they obtain a financial service or condu...READ MORE

Shane Tregillis

The FOS Approach

The FOS Approach to Financial Elder Abuse

Elder abuse can take many forms, such as physical, psychological, sexual and/or financial. Appropriate safeguards need to be put in place to help protect vulnerable consumers (such as older people) when they obtain a financial service or conduct a financial transaction with a fin...READ MORE

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FOS Forum

Key determination

Key determination: Harassment by personal visit The dispute was about car finance provided by the FSP to the applicant’s company. However, the applicant’s company was recently deregistered and no longer operating. Although this would usually be outside our Terms of Reference, we...READ MORE

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FOS News

Upcoming events

We organise and attend numerous events every year. 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 reg...READ MORE

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Annual Review and Comparative Tables published

We received 39,479 disputes in 2016-17, a 16% increase from 2015-16, as indicated in our recently published Annual Review. The increase was driven by continued growth in general insurance disputes. The number of general insurance disputes received (13,200) increased by 2,612, ac...READ MORE

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Update from the Family Violence Working Group

The Victorian Royal Commission into Family Violence report, released in March 2016, made the community much more aware of the prevalence of family violence and acted as a catalyst for us to review our work in this area. On average, one in four women are reported to have experienc...READ MORE

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FOS Independent Assessor appointed to enhance quality assurance program

As part of our commitment to increase accountability and transparency the FOS Board agreed last year to appoint an independent assessor to independently review complaints about service issues in our dispute handling. Our submission to the Ramsay Review set out the FOS Board’s pla...READ MORE

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Moving forward with conciliation

In June 2016, FOS introduced a pilot to test using conciliation as a required step within our dispute resolution process. The aim was to increase the number of conciliations we conduct, as well as offer a more efficient service and increase the satisfaction of all parties to a di...READ MORE

Michelle Kumarich
An update from the Code Compliance and Monitoring Team

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 can...READ MORE

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Postcard from... Western Australia

Consumer Credit Legal Service (WA) Inc. (CCLSWA) is a small not-for-profit charitable organisation which provides legal advice and representation to consumers in WA in the areas of credit, banking and finance and Australian consumer law. CCLSWA also takes an active role in commun...READ MORE

Gemma Mitchell
Unpaid determinations update

There have been no 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 September 2017, the figures have remained at: 39 FSPs who are unwilling or unable to comply with 1...READ MORE

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Systemic Issues

Systemic issues update

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

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Case Studies

Case studies

Case 1: Signs of undue influence A married couple in their 90s, although not separated, were living in separate nursing homes and held funds in a joint account with the FSP. In 2014, they signed a power of attorney providing the applicant’s daughter and her husband’s son with aut...READ MORE

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Statistics

Statistics report

Total disputes received by quarter We received 10,409 disputes in the July to September 2017 quarter. This is a 3% and 7% increase compared with last quarter and the same quarter last year, respectively. Total disputes received by product line Most disputes received this quarter ...READ MORE

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