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Chief Ombudsman's Message

Welcome to Issue 7 of The Circular. 

You will notice one key difference about this Chief Ombudsman’s message – me. My name is Shane Tregillis and I became the new Chief Ombudsman at the Financial Ombudsman Service on 12 September. I feel privileged to be stepping into this role and am very grateful to my predecessor, Colin Neave, for the outstanding work he has done at FOS. 

I have come from working as a Commissioner at ASIC and before that as Deputy Managing Director (Market Conduct) of the Monetary Authority of Singapore. If you would like to know more about my background, you can find a short biography of me on the Our Ombudsmen page of our website. 

The topics covered in this issue of The Circular include: 

  • loss calculation – how FOS calculates losses in financial advice disputes
  • the slip rule – how FOS applies it to arithmetical and clerical errors in Determinations and Recommendations
  • agreement with Credit Ombudsman Service Limited – how FOS and COSL will handle disputes about loans that are part of a securitisation programme
  • time limits for lodging disputes – a general insurance case study
  • National Credit Code section 94 – responding to a request for postponement of enforcement action
  • financial difficulty – what is good industry practice for dealing with customers in financial difficulty?
  • disputes involving multiple members – our approach
  • information from parties to disputes – procedural fairness, confidentiality and the importance of exchanging information
  • systemic issues – a summary of the issues we identified in the June quarter. 

As always, we welcome your feedback on and suggestions for The Circular – just email them to publications@fos.org.au. The Circular is designed to support dispute resolution by providing practical information and explaining our approach on substantive issues.

 

Shane Tregillis 

Chief Ombudsman