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The CBA has announced an 'Open Advice Review' program to deal with disputes relating to from Commonwealth Financial Planning and Financial Wisdom between 1 September 2003 and 1 July 2012. Read more
From 2 June 2014 we are piloting a faster dispute handling process for some single issue credit listing disputes and simple low-value banking and finance disputes (that have a claim amount of less than $10,000 and that meet a set of selection criteria). Read more
Tags:  consumers, disputes
FOS recently made a submission to the Financial System Inquiry. The Inquiry will establish a direction for the future of Australia's financial system and lay out a 'blueprint' for the financial system over the next decade. Read more
Tags:  publications
The Financial Ombudsman Service (FOS) has been approved to handle privacy and credit reporting complaints now that new laws about credit reporting have come into effect. Read more
Tags:  consumers, disputes
We launched a new learning portal on Monday 14 April. FOS elearning provides a simplified user interface, giving members, consumers and the general public access to our specialised training modules. Read more
Tags:  elearning
Following the retirement from the Board of long-standing Consumers’ Director Ms. Jenni Mack, the FOS Board has recently finalised the appointment of a new Consumers’ Director to the Board in accordance its Constitution and Board Charter. Ms. Elissa Freeman has been appointed to the FOS Board for a three year term, effective 1 June 2014. Read more
Tags:  general
The following information sheet sets out some background information about Gunns Plantation Ltd (GPL) and how we are dealing with disputes lodged about certain agricultural managed investment schemes for which GPL was the responsible entity. This follows the appointment of an Administrator and Receivers and Managers to GPL and related entities in 2012. Read more
As an ASIC approved external dispute resolution (EDR) scheme, FOS is required to undertake an Independent Review. The FOS Board, in consultation with ASIC, have engaged Cameronralph Navigator to undertake this review. As part of the independent review, Cameronralph Navigator will publicly invite submissions from stakeholders. Read more
If you have been affected by the recent floods in Queensland and New South Wales, we encourage you to contact your insurance company. For help with the claims process, or if you are unable to contact your insurance company, please call the Insurance Council of Australia’s (ICA) disaster hotline on 1800 734 621. Read more
Receivers and managers have been appointed to Banksia Securities Limited, a subsidiary of the Banksia Financial Group Ltd. Receivers and Managers have also been appointed to Cherry Fund Limited (CFL), another company in the Banksia Financial Group. It is important to note that other parts of the Banksia Financial Group, including the Banksia Mortgage Fund, and its responsible entity, Banksia Mortgages Limited, are not currently in any form of external administration. Read more