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.

» ASIC-approved Terms of Reference effective from 1 January 2010 (as amended 1 July 2010)

Amendments to paragraph 6

The Financial Ombudsman Service is approved to operate as an external dispute resolution (EDR) scheme under ASIC’s Regulatory Guide 139 (RG 139). To retain our approval, we have to ensure that our Constitution and TOR comply with RG 139 as revised from time to time. ASIC revised RG 139 on 7 May 2010. To comply with the revised version of RG 139, we have had to amend paragraph 6 of the TOR effective 1 July 2010. 

Issue 3 of The Circular coming early July will provide more detail on these changes.