Australian financial services providers have an obligation with ASIC to be a member of an external dispute resolution scheme like FOS as part of their licensing conditions. Being a member of FOS will ensure you meet your ASIC obligations where you are operating as, or applying for an:
- Australian Financial Services License
- Australian Credit License
- Australian Limited Financial Services License
- Authorised Credit Representative
FOS members vary significantly in size and operations, ranging from well-known household names like the big banks and insurers, to individual small businesses that either operate independently or as authorised representatives of larger organisations. FOS has over 13,000 members located across Australia.
The majority of our members do not have disputes lodged against them at FOS, and when a dispute is lodged in relation to one of our members, mostly are resolved by agreement between the member and the client, using methods such as conciliation and negotiation.