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Advantages of FOS membership (video transcript)

In the world of financial services, disputes happen.

Disputes may be complex, with multiple issues and differing points of view between a financial services provider and a consumer. Good internal dispute resolution practice means that most disputes will be resolved directly between the parties – however, some instances will need the involvement of an independent third party.

This is where the Financial Ombudsman Service Australia, or FOS, comes in. We help resolve disputes between our members - who are financial services providers - and consumers.

Big and small, we have thousands of members across the country, including well-known household names like the big banks and insurers, to small businesses. And most will never have a dispute lodged against them.  For those that do, most are resolved by agreement using methods like negotiation and conciliation.

As a member your disputes are in good hands. We have over 20 years’ experience in external dispute resolution. Our staff of industry, legal and dispute resolution professionals are supported by a highly experienced team of decision-makers – and together they make sure that disputes are resolved fairly and efficiently.

We keep our members well informed and well connected – along with easy access to our expertise in a variety of ways, we also provide opportunities for networking, professional development, and much more.

Our members also benefit from access to a secure online portal that contains a wealth of customised resources. Membership and dispute administration can be performed online anytime, anywhere.

Being member of FOS makes good business sense, it demonstrates your commitment to reducing your business risk and building trust in financial services.

For more information or to become a member of FOS, visit www.fos.org.au/members