Terms of Reference
Our operations are governed by published Terms of Reference (TOR). The TOR sets out our rules and processes, such as:
- our power to consider disputes;
- our dispute resolution processes; and
- our reporting obligations.
The Financial Ombudsman Service TOR came into effect on 1 January 2010. They apply to disputes lodged on or after that date. We developed the TOR in 2008 and 2009 through a process involving extensive stakeholder consultation. ASIC approved these TOR in December 2009.
Since then a number of amendments have been made to the Terms of Reference. The current Terms of Reference follows:
ASIC-approved Terms of Reference effective from 1 January 2012
Disputes first lodged with FOS from 1 July 2010 to 31 December 2011:
ASIC-approved Terms of Reference effective from 1 January 2010 (as amended 1 July 2010)
Disputes first lodged with FOS from 1 January 2010 to 30 June 2011:
ASIC-approved Terms of Reference effective from 1 January 2010
Disputes first lodged with FOS before 1 January 2010 are subject to the Earlier Terms of Reference.
Terms of Reference - E Learning Sessions
FOS has developed three on-line learning sessions which take you through some of the key aspects of the Terms of Reference (TOR) and Operational Guidelines (OGs) as they apply to our new dispute resolution process. Click the link below to learn more.