| TERM/ACRONYM
|
EXPLANATION |
| ADR |
Alternative dispute resolution - broadly means different ways of resolving disputes, which don’t necessarily involve going to court |
| ASIC |
Australian Securities and Investments Commission |
| BFSO |
Banking and Financial Services Ombudsman |
| CUDRC |
Credit Union Dispute Resolution Centre |
| EDR |
External dispute resolution (the Financial Ombudsman Service is an EDR scheme) |
| FICS |
Financial Industry Complaints Service |
| FSP |
Financial services provider |
| GFC |
Global financial crisis |
| IBD |
Insurance Brokers Disputes Limited |
| IDR |
Internal dispute resolution - all FSPs should have IDR processes and procedures in place to handle disputes they receive about their business |
| IOS |
Insurance Ombudsman Service |
| Make a market |
Someone who through a facility/place/other means, regularly states prices at which they propose to acquire or dispose of financial products on their own behalf - e.g. contracts for difference |
| Member |
Financial services provider that is a member of the Financial Ombudsman Service |
| NB |
Non-bank, a financial services provider that is not a bank |
| Product |
Specific type of product within a product category (e.g. shares are a product within the securities product category) |
| Product category |
Group of products within a particular product line (e.g. securities are a product category within the investment product line) |
| Product line |
Broad line of products (e.g. Investments) |
| RG 139 |
ASIC Regulatory Guide 139 sets out the requirements of how an EDR like the Financial Ombudsman Service can become an ASIC-approved EDR provider and how they have to operate and report to maintain their approved status
|
| TOR |
Terms of Reference, the rules and processes that we follow as an organisation |
