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Issue 22 - July 2015

Fast, efficient, fairer dispute resolution

 

Our new dispute process commenced on 1 July 2015 and has gone smoothly. The new dispute process involves:

  • A new process to fast-track decisions for simpler and low-value disputes
  • A new registration and referral process to give financial services providers a final opportunity to resolve their dispute directly with their customers before the FOS investigation begins
  • Provision of specialist expertise earlier in the dispute process and the reduction of multiple touch points and process stages
  • A more efficient financial difficulty dispute process to enhance and streamline our approach and processes
  • New format for decisions that more effectively communicate the outcomes of disputes to both applicants and financial services providers

We are very appreciative of the input and assistance we have had from our members, industry associations, consumer advocates and others, who have all helped us to develop an improved dispute process.

You may be interested to see the FOS new process video, which provides a simple explanation of the process, targeted to members. This video is now being tailored for consumers. Our consumer brochures have also been updated and will be progressively translated into community languages, and into other formats to enhance accessibility. The changes to our disputes process will also be underpinned by a number of technology enhancements we are making including a more convenient document exchange portal and an enhanced online dispute form, to be introduced later in the year.

We look forward to continuing to work with our members as we implement these changes to improve what we do in the interests of consumers, our members and building confidence and trust in the financial sector.

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