Welcome to the Spring edition of The FOS Circular.
As we reflect upon the first three months of our new process, it is good to see that we are already receiving positive feedback from both applicants and FSPs. In September our Board released a final status report showing we have implemented all Board endorsed recommendations from our independent review, conducted in 2013.
Our Annual Review 2014-2015 was published last week. Dispute numbers remained steady in 2014-2015, with credit disputes continuing to account for the highest number of disputes (almost half).
At FOS we try to meet as many of our members and consumer reps as we can, by hosting a wide range of events across Australia. We also host international delegations from time to time, and it was a pleasure to recently host a delegation from the Central Bank of Malaysia’s (BNM) LINK program.
In late August we announced the appointment of Ms Sally Davis as Chief Executive Officer, Code Compliance Monitoring Committee (Code of Banking Practice), and General Manager of Code Compliance and Monitoring, effective from 1 September 2015. You can find out more about Sally in this edition.
We have also published three FOS Approach documents, which explain how we deal with disputes involving insurance brokers, fixed interest investments and the cancellation of instalment contracts.
Our latest statistics report shows that we received 8,401 disputes between July and September 2015. This was a 9% increase from the previous quarter and a 4% increase from the same quarter last year. Also included in this edition of The FOS Circular is an update on unpaid FOS determinations and Systemic Issues update.
If you have comments or suggestions about anything you read in The FOS Circular, we would be pleased to hear from you. Please let us know at firstname.lastname@example.org