In April 2016, the Federal Government announced that there would be advantages in extending the jurisdiction of the Financial Ombudsman Service (FOS) Australia covering disputes involving small business.
The Government has asked the Australian Securities and Investments Commission (ASIC) to work with FOS on an immediate review of our small business jurisdiction.
We set out an approach and range of proposals in this consultation paper. The FOS Board is interested in feedback from a wide range of stakeholders about how we could effectively expand our jurisdiction, manage the risks in doing so, and overcome some of the challenges an expansion presents. The Board is considering in detail all feedback before deciding on the extent and nature of an expanded small business jurisdiction.
We are committed to ensuring that our Terms of Reference provide us scope to effectively resolve the types of disputes that will fall within an expanded small business jurisdiction.
We invited feedback on the proposals and questions put forward in the consultation paper during August and September 2016. The submissions received are published below.
Thank you to the organisations who’ve provided feedback in response to our consultation paper.
Australian Bankers' Association (ABA)
Australian Finance Conference (AFC)
Australia and New Zealand Banking Group (ANZ)
Australian Retail Credit Association (ARCA)
Australian Restructuring Insolvency and Turnaround Association (ARITA)
Australian Small Business and Family Enterprise Ombudsman (ASBFEO)
Customer Owned Banking Association (COBA)
Financial Counselling Australia (FCA), Consumer Action Law Centre and Financial Rights Legal Centre
Financial Planning Association of Australia (FPA)
Law Council of Australia (SME Committee)
Legal Aid Queensland
Slater + Gordon Lawyers
Small Business Commissioner South Australia
Tasmanian Small Business Council
Review of the financial system external dispute resolution framework
The current review of the external dispute resolution framework will also take into consideration and consult with ASIC on the review of FOS’s small business jurisdiction. FOS has also made a submission to this review.
If you have any questions about the consultation, please contact Silvia Renda, Senior Manager - Strategic Review on 03 8623 2035 or [email protected]