As an ASIC approved external dispute resolution (EDR) scheme, FOS is required to undertake an Independent Review as outlined in the ASIC Regulatory Guide 139 (ASIC RG-139).
In accordance with ASIC RG-139.59, FOS is required to consult with ASIC on the Terms of Reference for the review and on the appointment of the Independent Reviewer. The FOS Board, in consultation with ASIC, have engaged Cameronralph Navigator to undertake this review.
As part of the independent review, Cameronralph Navigator has publicly invited submissions from stakeholders. The closing date for submissions was 11 October 2013.
If in writing, submissions will be made publicly available on the FOS website, unless confidentiality is requested in the submissions.
Cameronralph Navigator is a Melbourne based consultancy that over the past 13 years has conducted 14 independent reviews of external dispute resolution schemes including reviews of the Credit Ombudsman Service Limited, the New Zealand Insurance and Savings Ombudsman and the Canadian Ombudsman for Banking Services and Investments.
The Independent Review will assess our operations and procedures against the ASIC RG-139 benchmarks of accessibility, independence, fairness, accountability, efficiency and effectiveness, among other things. You can read a copy of the Terms of Reference for the Independent Review settled by the FOS Board in consultation with ASIC.
For any queries regarding the Review, please contact:
Tel: (03) 8598 9111
Download submissions to the Independent Review of FOS
Submission by Michael Thorne
Submission by The Association of Financial Advisers
Submission by Paul Williams
Supplementary submission by Paul Williams
Submission by Allianz
Submission by Financial Services Council
Submission by Professional Investment Services
Submission by Insurance Council of Australia
Second submission by Insurance Council of Australia
Submission by Australian Bankers’ Association
Submission by Care Inc. Financial Counselling Service
Joint Consumer submission
Submission by Financial Counsellors ACT
Submission by My Longevity
Submission by Consumers SA
Submission by Jason Brighton-Stangstins