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Issue 20 - January 2015

Changes to FOS Terms of Reference and Operational Guidelines


Changes to our Terms of Reference

After consulting with stakeholders, the FOS Board made a number of changes to our Terms of Reference. The changes have been approved by ASIC and came into effect on 1 January 2015.

The new Terms of Reference, and previous versions of the Terms of Reference, can be found here. A summary of the changes can be found here.

With two exceptions, the changes will only apply to disputes lodged on or after that date. The two exceptions are:

  • FOS can now join other FSPs to an existing dispute, under the new paragraph 7.4 of the 2015 TOR. This applies to any open dispute regardless of when it was lodged.
  • The changes to FOS’s jurisdiction over small business general insurance and general insurance broking disputes only come into effect on 1 January 2016 and only apply to disputes lodge from that date onwards.


Changes to our Operational Guidelines

The Operational Guidelines explain how FOS interprets and applies the Terms of Reference.

FOS has revised the Operational Guidelines to:

  • explain the amendments to the Terms of Reference
  • update the explanations of some existing provisions Terms of Reference, to clarify a number of issues and to reflect FOS’s current approach.

The new Operational Guidelines, and previous versions of the Guidelines, can be found here.


For more information

You can find out more about the 2014 Terms of Reference Consultation here.

If you have further questions, please contact Mike D’Argaville on 03 8623 2004 or by email at