FOS has a Significant Event Response Plan in place to ensure that we respond effectively to significant external events that could result in an increase in potential disputes. Such events may include natural disasters, severe service or IT problems, FSPs entering external administration or an investment scheme collapse.
The main objectives of the Significant Event Response Plan are:
- to consistently identify and assess the likely impact of significant events as quickly and effectively as possible;
- to effectively deal with any disputes arising from a significant event, and to manage and control any impact on FOS resources and workloads; and
- to ensure there is timely and appropriate internal and external communication and stakeholder engagement during the course of a significant event.
There is a significant event working group in place to coordinate our response to any significant event that occurs. This working group is led by a FOS Executive General Manager and its membership comprises key staff from across the different areas of the organisation.
During 2014-2015, a number of FSPs put in place remediation programs largely as a result of financial advice provided to customers. FOS implemented tailored significant event response plans to support the resolution of disputes lodged with FOS that were not resolved through these remediation programs. We also implemented our Significant Event Response Plan for the following events:
Mildura hailstorm (including surrounding areas)
Yarloop, Western Australia bushfires
New South Wales storms
South-east Queensland and northern New South Wales severe weather event
South Australian bushfires
Swiss franc depegging from the Euro
Perth Hills bushfires
Commonwealth Bank of Australia and Macquarie financial planning remediation plans