Terms of Reference

The Terms of Reference describe dispute resolution rules and processes for the Financial Ombudsman Service which set out matters such as who can lodge a complaint, the monetary limits and what types of things can and cannot be considered by the Financial Ombudsman Service. Each of the divisions of the Financial Ombudsman Service has its own Terms of Reference.

The Terms of Reference are available to download by interested parties.

> Terms of Reference - Banking & Finance

> Terms of Reference - General Insurance

> Terms of Reference - Insurance Broking

> Terms of Reference - Investments, Life Insurance & Superannuation

> Terms of Reference - Mutuals

The Banking & Financial Services Ombudsman (BFSO) produced a separate publication entitled "Guidelines to the Terms of Reference". It should be noted that these guidelines have not been upated for some time and will remain in their current form pending the establishment of a single set of rules, procedures and definitions for financial services disputes in Australia (see below). You can view and download the Guidelines here.

If you have any questions about the Terms of Reference, contact us on 1300 78 08 08.

Reviewing the Terms of Reference

On 1 July 2008 the previous Banking & Financial Services Ombudsman (BFSO), Finance Industry Complaints Service (FICS) and Insurance Ombudsman Service (IOS) merged to form the Financial Ombudsman Service.

Current rules for dispute resolution processes will continue during a 12 to 18 month transition period, while the Financial Ombudsman Service conducts an exhaustive national Terms of Reference Consultation to establish a single set of rules, procedures and definitions for financial services disputes in Australia by 1 January 2010.