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Terms of Reference & Operational Guidelines

Consultation on Proposed Changes to Terms of Reference and Operational Guidelines


Consultation on proposed TOR changes (TTCS)

As a result of amendments to the Corporations Act 2001 and ASIC’s Regulatory Guide 139, FOS is required to modify its current TOR by 1 January 2012, after consultation with relevant stakeholders, to enable it to deal with disputes about Traditional Trustee Company Services (“TTCS”).

FOS has developed a set of proposed amendments to meet these requirements. They involve a number of changes to FOS’ jurisdiction to accommodate TTCS disputes, and a separate procedure for dealing with those disputes if they affect multiple parties.

FOS is now seeking stakeholder input on the proposed changes. Submissions on the changes can be made to FOS by 30 August 2011. A more detailed explanation of the proposed changes, and how to participate in the consultation, is on our website at www.fos.org.au/ttcs.  

For more information about the consultation, or to make a submission on the changes, please contact Mike D’Argaville at [email protected].


Consultation on proposed changes to paragraph 4.2 of the Terms of Reference and Operational Guidelines (cross-border investments)

As an ASIC-approved External Dispute Resolution scheme, FOS is required to provide a forum for disputes about financial services. 

Paragraph 4.2 of the Terms of Reference, as currently drafted, may not give FOS sufficiently clear jurisdiction to deal with “cross-border” investments to the extent required by ASIC. These are investments in overseas managed investment schemes (or their equivalent) by Australian investors, and in Australian managed investment schemes by overseas investors.

Minor amendments to these paragraphs, and to the Operational Guidelines, have been developed to remove all doubt about the extent of FOS’ jurisdiction.

FOS is now seeking stakeholder input on the proposed changes. Submissions on the changes can be made to FOS by 30 August 2011. A more detailed explanation of the proposed changes, and how to participate in the consultation, is on our website at www.fos.org.au/cbi

For more information about the consultation, or to make a submission, please contact Mike D’Argaville at [email protected]