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Increase in the Amounts We Can Award

In accordance with the requirements of ASIC Regulatory Guide 139, the new Financial Ombudsman Service Terms of Reference were introduced on 1 January 2010 following an extensive consultation process.

All FOS stakeholders are reminded that the Terms of Reference provide for increases in the maximum value of the remedy that can be decided upon by FOS. This change takes effect from 1 January 2012.

Schedule 2 of the FOS Terms of Reference outlines these increases, which includes the following important changes (summarised):

 

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Please go to the FOS website to download the updated Terms of Reference (www.fos.org.au/tor