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Consultation on proposed Terms of Reference changes

7 July 2014, 08:43 AM

Update: 22 September 2014

FOS Board Response to proposed Terms of Reference changes

After the recent FOS Terms of Reference consultation, the FOS Board has considered stakeholder submissions and has now issued its response, which you can read here.

As outlined in the response, the Board has decided to consult stakeholders on two additional proposed amendments to the Terms of Reference:

  • inserting a provision to enable FOS to join another financial services provider to a dispute, and
  • amending paragraph 4.2a to clarify FOS’s jurisdiction to deal with disputes about investments made through platforms

You can read more about these proposed amendments in the supplementary consultation paper.

How to make a submission

If you would like to comment on these additional amendments to the FOS Terms of Reference, please email your submission to Mike D’Argaville at [email protected] by Friday 17 October 2014.

We will publish submissions on our website. If you do not want your submission published, please mark both the submission and the covering email as “confidential”.

If you have any questions about the consultation, please contact Mike D’Argaville on (03) 8623 2004 or [email protected].

 

The recent independent review of FOS recommended changes to our processes and jurisdiction. Some recommendations included specific Terms of Reference changes, and others contained process changes which require amendments to the Terms of Reference.

We are now consulting on a range of changes to our Terms of Reference, and invite feedback from all interested stakeholders.

These documents explain the proposed changes:

Any proposed changes that FOS implements to the Terms of Reference will have a starting date of 1 January 2015 unless a different date is specified in the consultation paper.

How to make a submission
If you would like to comment on the proposed changes to FOS’s Terms of Reference, please email your submission to Mike D’Argaville at [email protected] by Friday 1 August 2014.

We will publish submissions on our website. If you do not want your submission published, please mark both the submission and the covering email as “confidential”.

If you have any questions about the consultation, please contact Mike D’Argaville on (03) 8623 2004 or [email protected].


Download submissions
All submissions have been posted below, except where the submission was confidential or publishing its contents would breach privacy obligations.

Joint submission by CPA Australia and ICAA
Joint submission by Financial Rights Legal Centre & Consumer Action Law Centre

Submission by ANZ
Submission by Australian Bankers' Association
Submission by CGU Insurance
Submission by Financial Planning Association
Submission by Financial Rescue
Submission by Financial Services Council
Submission by FYG Planners
Submission by GE Money
Submission by Insurance Council of Australia
Submission by Legal Aid NSW
Submission by Legal Aid Queensland
Submission by Macquarie Group
Submission by National Insurance Brokers Association
Submission by Paul Williams
Submission by RACQ Insurance
Submission by SMSF Professionals Association of Australia
Submission by Veda