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Issue 29 - April 2017

Chief Ombudsman's Message

Welcome to the autumn edition of The FOS Circular for 2017. Since the last edition, our further submission to the Ramsay Review was published. You can read this on our website. Our submission provided detailed analysis that shows current claims limits and compensation caps for ...READ MORE

Shane Tregillis

The FOS Approach

The FOS Approach to Joint Facilities and Family Violence

Dealing with issues arising from joint facilities can be challenging, particularly where there is family violence involved or where only one borrower engages with the financial services provider (FSP). We expect FSPs to follow some general principles when engaging with customer...READ MORE

Severed metal cable under tension with one thread remaining

FOS Forum

Key determination

This determination found a general exclusion for claims arising from a first presentation of mental illness during the period of travel insurance cover offended the Disability Discrimination Act 1992 Cth (the DD Act). The applicant had taken out travel insurance with the financ...READ MORE

Young man sitting by a window

FOS News

Upcoming events

Our member events are well and truly underway for the year and we have seen some fantastic attendee numbers at our forums to date. Over the next few months we will be in Brisbane, Sydney, Adelaide and Perth running various sessions for our Banking and Finance, Investments and A...READ MORE

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Integrated employee support framework for dispute handlers

Like any organisation providing a service to the public, at FOS our dispute handlers work with a myriad of difficult situations where there isn’t always a clear solution. Diana Ennis, Senior Manager, External Dispute Resolution Teams, recently talked about FOS’s ‘Integrated emp...READ MORE

Di Ennis
Using the FOS 1800 number

In January 2016, we issued a communication advising that FOS had a new free call number: 1800 367 287 (or 1800 FOS AUS). Under ASIC Regulatory Guide 165, members must include our contact details in their Financial Services Guide or Credit Guide. We requested that members start ...READ MORE

Purple phone
An update from the Code Compliance and Monitoring Team

The Code team is a separately operated and funded business unit of the Financial Ombudsman Service (FOS) Australia. We support independent committees to monitor compliance with codes of practice in the Australian financial services industry to achieve service standards people c...READ MORE

Under the spotlight: Meet our Adjudicators

Adjudicators perform a vital role at FOS making jurisdictional decisions and resolving disputes by making determinations under our Terms of Reference. With several new faces recently appointed by the FOS board, we asked our adjudicators a few questions so that FOS Circular read...READ MORE

FOS Adjudicator Elizabeth O'Brien speaking at a conference.
Postcard from... Sydney

Lillian Pangallo became a financial counsellor at The Salvation Army’s Moneycare to realise her passion of helping people handle their financial affairs. Moneycare is a free and confidential service offered to anyone who is either experiencing financial hardship or who would li...READ MORE

Lillian Pangallo
Unpaid determinations update

Since the last update on the December 2016 quarter, there have been three new Financial Services Providers (FSPs) added to the non-compliance list. As at the end of the March 2017 quarter, these three FSPs have not complied with eight determinations. As a result, between the co...READ MORE

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Systemic Issues

Systemic issues update

Key Possible Systemic Issues: Some details about trends and common issues under investigation as possibly systemic during the March 2017 quarter include: Inadequate claims handling processes and claims procedures Cancellation of policies Policies for dealing with customers in f...READ MORE

Silver coloured marbles on a plane.

Case Studies

Case studies

These and two further case studies are also presented in The FOS Approach to Joint Facilities and Family Violence. Case study 1: Failure to recognise signs of potential financial abuse. Ms G obtained a joint home loan of $150,000 with her then partner. The loan funds were use...READ MORE

Woman in tears sitting beside a suitcase.


Statistics report

Disputes received at the Registration and Referral stage: We received 10,143 disputes in the January to March 2017 quarter. This is a 6% increase compared with last quarter and an 18% increase compared with the December quarter last year. We saw this increase across all product...READ MORE

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