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ASIC relief notice: former BFSO, FICS and IOS members

ASIC decides to take no action in relation to certain PDSs and FSGs

ASIC will take no action against the Members for breaches of sections 941E and 1012J of the Act, the requirements to keep the information PDSs and FSGs up to date, in circumstances where:

  1. the PDS or FSG is printed prior to 1 July 2008;
  2. the Member has become a member of the Financial Ombudsman Service; and
  3. the Member has not included information about the Financial Ombudsman Service in the relevant PDS or FSG.

This no action position is provided on the following conditions:

  1. the PDS or FSG was up to date at the time it was printed;
  2. the Member must provide details of the Financial Ombudsman Service to a consumer who requests the information or makes a complaint. The information may be provided in writing, orally or via a website; and
  3. for complaints that are unresolved after having been through a Member's IDR procedures, the Member must inform the complainant that they have a right to pursue their complaint with the Financial Ombudsman Service and provide details of how to access the Financial Ombudsman Service.

This no action position is also conditional on the Financial Ombudsman Service maintaining re-direction arrangements for all communications to the Existing Schemes which have the effect that if a consumer contacts an Existing Scheme, that consumer is directed to the Financial Ombudsman Service (details of the re-direction arrangements are set out in application dated 28 April 2008).

This no action position will apply only until the next reprint of the PDS or FSG, or until 30 September 2009, whichever comes first.

Where information about EDR schemes is contained in documents which are not printed, or is set out on a website, Members are expected to keep that information up to date and include details of the Financial Ombudsman Service. This does not apply to a copy of a printed PDS or FSG available on a website.

 

Click here for a full copy of ASIC’s decision. The letter contains other pro forma conditions to which members should refer.

Click here for a full copy of the the Financial Ombudsman Service update.