The Financial Ombudsman Service (FOS) Australia is an external dispute resolution organisation that offers an independent, fair and accessible dispute resolution service that resolves disputes between financial services providers and their clients.
Most of your dealings with your clients take place without giving rise to a dispute. When there are issues, most are dealt with quickly and directly with your client without FOS getting involved. It’s only when things can’t be resolved in this way that FOS steps in.
When doing so, FOS resolves disputes impartially and efficiently, providing our members with a cheaper alternative than going to court. Resolution involves understanding all aspects of a dispute without taking sides, and making decisions based on the specific facts and circumstance of each dispute.
FOS has over 20 years of expertise in external dispute resolution. Our staff of industry, legal and dispute resolution processionals ensure that disputes are resolved fairly and efficiently. We have expertise in a wide range of products and services, including: banking, credit, insurance, superannuation, investments and advice.
We deal with a broad range of financial services providers (big and small), professional associations, consumer representatives such as financial counsellors and community lawyers, Australian Securities Investments Commission (ASIC) and other government agencies, as well as the broader Australian community.
Being a member of FOS also means that you are committed to responsibly and professionally deal with and respond to client disputes. It also makes business sense for you to have not only good processes for dealing with client disputes but also access to an independent service that can step in if you cannot resolve a dispute directly with your client, as opposed to you going through costly legal proceedings.