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Issue 33 - May 2018

Chief Ombudsman's Message

Welcome to Issue 33 of The FOS Circular. We have reached some very important milestones in the transition to the Australian Financial Complaints Authority (AFCA) as the new single dispute resolution scheme for the financial sector. Most significantly, the Minister for Revenue an...READ MORE

Shane Tregillis

FOS Forum

Key determination

Insurance claim denied when temporarily overseas The issue Mr P fell ill while overseas in 2013 and was diagnosed with a chronic illness. He applied for and was granted income protection benefits through a group policy held by his company. The financial services provider (FSP) c...READ MORE

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FOS News

Upcoming events

We organise and attend hundreds of events every year. Over the next few months we will be in Adelaide and Perth running sessions for our General Insurance members. Please visit our online events calendar regularly, where you can always keep up-to-date with our latest events and r...READ MORE

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Conciliation - A different view

The FOS conciliation pilot was launched in June 2016, with a view to offering a more efficient service and increasing the satisfaction of all parties to a dispute. Over the course of the year-long pilot, we found that including a compulsory conciliation stage resulted in faster...READ MORE

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An update on AFCA

As many of you will know, legislation to establish the Australian Financial Complaints Authority (AFCA) passed Parliament on 14 February 2018. AFCA will provide a single external dispute resolution option for consumers by replacing the three existing external dispute resolution s...READ MORE

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Under the spotlight - Chief Operating Officer

Meet John Stringer, our recently-appointed Chief Operating Officer (COO). John was brought on board to strengthen our current executive and management team at a critical period for FOS and FOS staff. What did you do before joining FOS? I’m an accountant by trade. I spent the firs...READ MORE

John Stringer
Postcard from... South Australia

Lutheran Community Care (LCC) provides community services on behalf of the Lutheran Church of Australia across South Australia and in Alice Springs in the Northern Territory. Much of their work involves supporting individuals and families in need. LCC’s services are based on resp...READ MORE

Wendy Richards
Unpaid determinations update

Since our last update, there have been five reportable incidents of determinations not being paid. As a result, between 1 January 2010 and 31 March 2018, there have been 40 FSPs unwilling or unable to comply with 162 determinations, affecting 230 consumers. In 123 of these determ...READ MORE

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The Code Team

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 can...READ MORE

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Systemic Issues

Systemic issues update

This article summarises some notable systemic issues we identified during the March quarter of 2018. These de-identified matters were reported to the Australian Securities and Investments Commission (ASIC). The article also gives an update on some other current systemic issue ...READ MORE

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Statistics

Statistics report

Total disputes received by quarter We received 11,165 disputes in the March 2018 quarter. This is 7% more than the previous (December) quarter, and 11% more than the same quarter last year. Total disputes received by product line Most disputes received this quarter were credit di...READ MORE

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