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Issue 17 - May 2014

Chief Ombudsman's Message

The last couple of months have been a busy time for FOS and for many organisations in the financial sector. At FOS, our independent review was completed and we commenced work on a number of major changes. More broadly, many organisations in the financial sector were finalising ...READ MORE

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The FOS Approach

The FOS Approach to loss calculation in financial advice

We publish the FOS Approach to help make it as easy as possible for everyone to understand how we consider disputes about particular issues. This includes the different elements we will consider and the relevant Codes, legal principles, obligations and industry best practice th...READ MORE

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FOS Forum

Key Determinations

In March 2014, we issued a Determination regarding a motor vehicle insurance dispute. The applicant had lodged a claim which was denied due to non-disclosure. The applicant held a policy branded ‘N Insurance’. ‘N’ was her leasing company. The policy was originally underwritten ...READ MORE

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Compliance with paragraph 13.1 of the Terms of Reference

There has been an increased trend in referrals of possible systemic issues relating to financial services providers’ compliance with paragraph 13.1 of the FOS Terms of Reference. This has been referred to in previous updates as Improper Collection Activity, particularly while a...READ MORE

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Dispute Process Reform

Fast, efficient, fair dispute resolution

In the last issue of the Circular, we announced the areas we will focus on to improve our dispute process. These initiatives are in addition to those set out in our 2013-2014 Business Plan. We are working on a number of strategies to help FOS deliver on our core promise of reso...READ MORE

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FOS News

Upcoming events

We organise or attend hundreds of events every year. Over the next few months we will be in Brisbane and Melbourne running various sessions for our members. Please visit our online events calendar regularly, where you can always keep up-to-date with our latest events and regist...READ MORE

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Open and transparent decision making at FOS

In the Circular issue 15 we outlined how we ensure FOS’s decision making is open and transparent. For example, we publish Determinations and documents explaining our approach to particular types of disputes. We also explain and discuss our approaches in regular open forums and ...READ MORE

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An update from the Code team

The FOS Code team recently released the General Insurance Code of Practice: Overview of the Year 2012-2013 (2012-2013 GI Code Overview) on general insurance industry data and Code compliance. Last financial year, Australian consumers and businesses took out more than 39 million...READ MORE

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Under the spotlight: Veronica McGowan

FOS’s new manager of Stakeholder Engagement and Communications, Veronica McGowan, brings significant experience and a strong history of community engagement to the role. Veronica has more than 25 years’ experience in communications, stakeholder engagement, and government and me...READ MORE

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Postcard from... the Northern Territory

The Money Workers Association of the Northern Territory (MWANT) is the professional body for financial counsellors and financial literacy educators in the Northern Territory. The Association provides training, professional development, networking opportunities and professional ...READ MORE

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Where we have been - recent FOS events

Open Forums – Sydney Over 300 members from General Insurance, Banking and Finance, and Investments, Life Insurance and Superannuation attended open forums in Sydney on 16 & 17 April. FOS experts included John Price, Evelyn Hall, Chris Liamos, Alison Maynard, Jamie Orchard, Phil...READ MORE

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Systemic Issues

Systemic Issues update

This article summarises new systemic issues that we identified during the March quarter of 2014 and reported to the Australian Securities and Investments Commission (ASIC). It also provides an update on some current and recently resolved systemic issue investigations, a summary...READ MORE

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Case Studies

Case Studies

This is a collection of case studies that have appeared elsewhere in this edition of the Circular. It includes the two case studies from the FOS approach document that demonstrate the types of guarantor disputes we can consider, and the types of things we take into account when...READ MORE

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Statistics

Statistics report

We received 8,081 disputes from January-March 2014. This was a 9% increase from the previous quarter and a 6% increase from the same quarter last year. The increase in credit, deposit taking, investments and life insurance disputes continued to be the main factors involved in t...READ MORE

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