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Issue 23 - October 2015

Chief Ombudsman's Message

Welcome to the Spring edition of The FOS Circular. As we reflect upon the first three months of our new process, it is good to see that we are already receiving positive feedback from both applicants and FSPs. In September our Board released a final status report showing we hav...READ MORE

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The FOS Approach

The FOS Approach to Cancellation of Instalment Contracts

FOS reviews disputes where a financial services provider (FSP) denies a claim because a general insurance contract was cancelled due to the consumer failing to pay a premium. This paper discusses FOS’s approach to such disputes and will be useful for FSPs involved in the genera...READ MORE

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The FOS Approach to Fixed Interest Investments

A ‘fixed interest’ investment is one that pays a regular rate of interest for a specified term with the expectation that the principal will be repaid at the end of the term (maturity date). Traditionally such investments are considered safe, secure investments, but this is not ...READ MORE

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The FOS Approach to Insurance Broker Disputes

Disputes are often lodged with FOS where a consumer alleges that the general insurance broker (financial services provider or FSP) failed to arrange adequate insurance or fully informed them of the terms of cover. This paper will explain how FOS approaches such disputes and wil...READ MORE

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FOS Forum

Key Determinations

Debt Collection The Applicant experienced difficulty in meeting her repayments toward her two credit card facilities for some time. We considered whether the FSP met its financial difficulty obligations to the Applicant, and whether it had complied with the industry standard se...READ MORE

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Dispute Process Reform

FOS addresses independent review recommendations

In September, the Board of the Financial Ombudsman Service (FOS) Australia, released a final status report showing FOS has implemented all the key recommendations from its independent review conducted in 2013. Chairman of the FOS Board, Professor, The Hon. Michael Lavarch AO sa...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 Sydney, Brisbane, Gold Coast and Melbourne participating in various industry conferences and forums. Please visit our online events calendar regularly, where you can always keep up to da...READ MORE

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FOS Annual Review

The number of people bringing problems to the Financial Ombudsman Service (FOS) Australia for resolution remained steady in 2014-2015, according to the FOS Australia Annual Review. FOS Australia provides an independent dispute resolution service in which people can place their ...READ MORE

FOS Annual Review 2014-2015
Sharing our experience globally

Over two days in early September, FOS hosted a delegation from the Central Bank of Malaysia’s (BNM) LINK program. The LINK program represents one of BNM’s important points of contact with the general public, acting as a centralised unit that facilitates rapid and effective resp...READ MORE

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An update from the Code Compliance and Monitoring Team (FOS Code)

FOS Code 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 tr...READ MORE

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Under the spotlight: Sally Davis

On 1 September, Sally Davis left her role as FOS’s Senior Manager Systemic Issues and began her new role as General Manager Code Compliance and Monitoring and CEO of the Code Compliance and Monitoring Committee. This is the latest role in Sally’s 15 years at FOS and its predece...READ MORE

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Postcard from... Sydney

Vulnerable people in financial hardship are one of Legal Aid NSW’s priority client groups. Legal Aid NSW has many initiatives including the Civil Law Service for Aboriginal Communities, the Work & Development Order Service and the Mortgage Hardship Service. They also provide as...READ MORE

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Unpaid Determinations update

In recent editions of The FOS Circular and submissions to public inquiries we have discussed the issue of some consumers not receiving compensation from financial services providers (FSPs) following FOS determinations. This article provides an update on the number of unpaid FOS...READ MORE

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Systemic Issues

Systemic Issues update

There were a number of changes in the systemic issues space during the September 2015 quarter. Sally Davis, Systemic Issues Manager commenced her new role as Chief Executive Officer, Code Compliance Monitoring Committee and General Manager FOS Code. Following Sally Davis’ depar...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 FOS Circular. It includes some of the case studies from the FOS Approach documents in this edition – covering insurance broker disputes, and the cancellation of instalment contracts. You ca...READ MORE

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Statistics

Statistics report

We received 8,401 disputes during the quarter ending 30 September 2015. Compared with last quarter, this is a 9% increase; compared with same quarter last year, this is a 4% increase. The increase from last quarter is attributed to credit (up 9%) and insurance (up 14%) disputes...READ MORE

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