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Chief Ombudsman's Message

2010–2011 Annual Review and Comparative Tables

Welcome to Issue 8 of The Circular.


This is the last issue for 2011. I hope you all enjoy the upcoming holiday period. Please note that the Financial Ombudsman Service will be open throughout the holiday period, except on public holidays and on Friday 23 December after 12.30pm.


On 12 December we released our 2010–2011 Annual Review and Comparative Tables. You can view them at www.fos.org.au/annualreview.


The 2010–2011 year was another extremely demanding but productive one at the Financial Ombudsman Service. Here are a few significant stats from the Annual Review:

  • We received 30,283 disputes in 2010–2011, up 27% from the previous year.
  • We received 6,102 financial difficulty disputes, up 130%.
  • We received 650 disputes related to the Queensland and Victorian floods and storms.
  • We resolved 28,286 disputes, up 34%.
  • 50% of disputes were resolved within two months, up 12%
  • 71% of disputes were resolved by agreement, up 18%.
  • We resolved 20 systemic issues that affected more than 83,000 customers.


The Annual Review contains extensive data on the disputes we handled, broken down by product, issue, sales/service channel and outcome. It also includes commentary on every category of dispute, along with Common Problem and Emerging Issue boxes that highlight dispute trends.


FOS undertook several major projects in 2010–2011. To give just two examples, we launched a Secure Services portal on our website that delivers a suite of tools and reports to our members and we developed a Knowledge Management Strategy based on domestic and international best practice. The Annual Review describes these and several other key projects.


The Comparative Tables present disputes data broken down by product and member. The 2010–2011 Comparative Tables have the same format as the 2009–2010 tables, though they are based on a full year of disputes data, whereas last year’s tables were based on only six months of data. This year’s tables also include a new ‘Compare Two FSPs’ function, which enables you to quickly compare the disputes performance of two FSPs in all the tables they both appear in.


I hope you can find the time to peruse the 2010–2011 Annual Review and Comparative Tables. And if you would like to learn more about what FOS has planned for the following year, take a look at our 2011–2012 Business Plan: www.fos.org.au/businessplan.
 

 

Shane Tregillis

 

Chief Ombudsman