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Issue 15 - Spring 2013

Chief Ombudsman's Message

 

I am pleased to let you know that our Business Plan 2013-2014, our 2012-2013 Annual Review and the 2012-2013 Comparative Tables have all recently been released.

Our Business Plan for 2013-2014 builds on our achievements last year and takes into account the feedback from our stakeholders on the areas we need to further improve. This year our Business Plan continues our efforts to add specialist expertise to the early stage of our dispute resolution process, eliminate the backlog of cases in our specialist dispute teams, and commence the shift to electronic exchange of information as our standard method of information exchange. We will also continue our efforts to build the expertise of FOS staff, enhance our IT and other organisational capacities, and continue to actively engage with all our stakeholders. You can read the full Business Plan 2013-2014 here.

After four years of large increases in dispute numbers, our 2012-2013 Annual Review shows a pleasing reduction in disputes. Overall, we received 32,307 disputes in 2012-2013 (down 11 per cent from the previous year) and the number of disputes we accepted declined 5 per cent to 24,100. You can read some highlights from the Annual Review in this edition of the Circular or read the full 2012-2013 Annual Review here.

The Comparative Tables present dispute statistics about financial services providers (FSPs) that are members of FOS. We produce these tables annually as part of ASIC Regulatory Guide 139. You can view the 2012-2013 Comparative Tables here.

The independent review of FOS that was mentioned in the last edition of the Circular is now well underway. The reviewer, Cameronralph Navigator, publicly invited submissions from our stakeholders, and the closing date was 11 October. Written submissions (except those that asked for confidentiality) can be seen on our website.

As always, if you have comments or suggestions about anything you read in the Circular, please let us know at publications@fos.org.au.

 

Regards,

Shane Tregillis

 

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