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Issue 34 - August 2018

Chief Ombudsman's Message

It gives me great pleasure to present this FOS Circular as the new Chief Ombudsman and CEO of the Australian Financial Complaints Authority (AFCA), which has been operating the FOS scheme since 1 May 2018 (prior to AFCA commencing on 1 November 2018). I’m looking forward to ensur...READ MORE

David Locke

FOS News

Upcoming events

We organise and attend numerous events every year. Please visit our online events calendar where you can keep updated on upcoming events and register your interest: AFCA Membership webcast – broadcast nationally from Melbourne studio When: Tuesday 28 August...READ MORE

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An update on AFCA

It’s now under three months until AFCA starts receiving and resolving disputes from 1 November 2018. Here are some recent developments, and things you need to know. Consultation We recently consulted with stakeholders on the proposed Rules that will govern AFCA, and on the AFCA f...READ MORE

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1300 number decommissioning

Last year, we let you know that we were getting ready to disconnect FOS’s old 1300 phone number (1300 78 08 08) after we introduced a 1800 freecall number. We had planned to disconnect the 1300 number on 31 December 2017. To give everyone enough time to get used to this change, a...READ MORE

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Accessibility guides for members

FOS is committed to providing a service that is accessible to everyone. We prepared accessibility guides for our staff based on 25 years’ experience working with people who are vulnerable and disadvantaged, and we want to give everyone the opportunity to use them. We realise that...READ MORE

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Unpaid determinations update

Since our last update in The FOS Circular Issue 33 (May 2018), there have been fifteen reportable incidents of determinations not being paid. As a result, between the start of the single FOS Terms of Reference on 1 January 2010 and 30 June 2018, the figures have increased to 44 F...READ MORE

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The Code Team

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 can...READ MORE

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Systemic Issues

Systemic issues update

This article summarises some notable systemic issues we identified during the June 2018 quarter. These de-identified matters were reported to the Australian Securities and Investments Commission (ASIC). The article also gives an update on some other current systemic issue investi...READ MORE

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Statistics report

We received 11,790 disputes from April to June 2018. This is a 6% increase compared with last quarter, and 17% more than in the same quarter last year. Total disputes received by product line Most disputes received this quarter were credit disputes (40%), followed by general in...READ MORE

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