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Issue 28 - February 2017

Chief Ombudsman's Message

Welcome to the first edition of The FOS Circular for 2017. Just over a month in and this year is already shaping up to be a busy one at FOS. We recently made a further submission to the Ramsay Review, in which we continue to support proposals for a single scheme for financial, ...READ MORE


FOS News

Upcoming events

We organise and attend hundreds of events every year. Over the next few months we will be in Melbourne, Sydney and Brisbane running various sessions for our Banking and Finance, Investments and Advice, Life Insurance, Accountants and General Insurance members. Please visit our ...READ MORE

Circular 18 - upcoming events
Conciliation pilot

FOS has been piloting a new compulsory conciliation stage in our dispute resolution process. We introduced conciliation as a required step for all (non-financial difficulty) disputes with two participating financial services providers, a bank and an insurer, from 1 June to 30 S...READ MORE

Conciliation pilot
An update from the Code Compliance and Monitoring Team

The Code team is a separately operated and funded business unit of the Financial Ombudsman Service (FOS) Australia. We support independent committees to monitor compliance with codes of practice in the Australian financial services industry to achieve service standards people c...READ MORE

The Code team
FOS member consultation on joint debts and family violence

FOS has begun a two-stage consultation with members to benchmark good industry practice in relation to joint debts in the context of family violence. Stage one of the consultation commenced in January 2017. We have invited a small number of members, including banks and insurers...READ MORE

Family Violence Working Group logo
Under the spotlight: Mannie Edwards

Mannie Edwards, a Team Manager in Financial Difficulty, is dedicated to ensuring that every case her team receives is treated with objectivity and fairness. "The Financial Difficulty team works with applicants who have either previously experienced, or who are currently experie...READ MORE

Mannie Edwards
Postcard from... Victoria

Born and raised in Delhi, Rachna Bowman came to Australia from India in 2001 for university. Now a working mother of two young children she holds a Master of Business Administration (MBA) from Swinburne University, and came to financial counselling in 2011 after many years in r...READ MORE

Rachna Bowman
Unpaid determinations update

Pleasingly, there have been no reportable incidents of non-compliance in the December 2016 quarter. As a result, between the commencement of the single Terms of Reference on 1 January 2010 and 31 December 2016, the figures remain constant with: 35 FSPs who are unwilling or unab...READ MORE

Unpaid determinations

Systemic Issues

Systemic issues update

This article summarises some notable systemic issues that were newly identified during the December 2016 quarter. These de-identified matters were reported to the Australian Securities and Investments Commission (ASIC) in accordance with our processes. This update also provides...READ MORE

A crowd of people.

Case Studies

Case studies

Case study one: The applicants alleged that the financial advice they received from a representative of the FSP was not adequate in that it did not explain to them the risks associated with the recommendations. The applicants were in their mid-50s, in poor health, English was t...READ MORE

Circular 28 - Case studies


Statistics report

Disputes received at the Registration and Referral stage We received 9,604 disputes in the October to December 2016 quarter. This is a 1% decrease compared with last quarter and a 26% increase compared with the December quarter last year. Total disputes received by product line...READ MORE

Circular 19 - statistics image.