We have announced the areas we will focus on to improve our dispute process. By 1 July 2015 or before, FOS will:
- introduce a new process to fast-track decisions for simpler and low-value disputes
- review our current two-step dispute lodgement processes, with the aim of introducing a one-step process. This will provide a final opportunity for a financial services provider to resolve a dispute through internal dispute resolution before FOS starts its review
- add specialist expertise earlier in our dispute process and reduce multiple touch points and process stages
- consult with stakeholders on our current approach to financial difficulty disputes and enhance and streamline our approach and processes
- introduce decisions that more effectively communicate the outcomes of disputes to both applicants and financial services providers.
These changes may have some significant implications for our members’ internal dispute resolution and external dispute resolution teams and processes.
The FOS management team will work closely with our members and consumer groups as we redesign and implement these major changes in our dispute processes.
Dispute Process Reform
Over the coming weeks and months, we will hold stakeholder discussions and meetings so that we can significantly improve the dispute service we provide to consumers and financial services providers over the next few years.
Executive General Managers Michael Ridgway and Jamie Orchard are leading the Dispute Process Reform (DPR). The key dates include:
For enquiries regarding the Dispute Process Reform please email email@example.com or phone 03 8623 2007.