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Promoting trust in financial services - FOS's submission to the Financial System Inquiry

16 April 2014, 11:43 AM

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.

The points we emphasise in our submission are:

  • We believe the Committee should place sustainable consumer trust in financial services at the heart of its considerations as trust is the key principle underpinning a dynamic, innovative and competitive financial sector.
  • While a robust financial services industry requires strong systems for support, it is important to remain aware of the human side to finance – that there are real people with real issues who are affected by the systems put in place.
  • We strongly support sustainably funded community-based financial counselling and specialist legal centres, especially for individuals who are vulnerable and/or disadvantaged. We also advocate the introduction of adequate compensation measures to ensure consumers receive the compensation to which they are entitled, when all other remedies have failed.
  • FOS will continue to adapt to and evolve with any changes in the financial services industry, and play its role in supporting consumer trust by providing an impartial, fair and efficient dispute resolution process.

You can download the full submission here.