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Chief Ombudsman's Message

Welcome to the Winter 2012 issue of The Circular. You?ll notice that this issue looks quite different to previous issues. We have refreshed the design, format and structure of The Circular to make it even more engaging and easy to navigate. So that you will be able to quickly p...READ MORE


The FOS Approach

Notifying third party beneficiaries of derogations from prescribed terms of insurance contracts

A financial services provider (FSP) can provide a contract of insurance that derogates (ie deviates) from the terms and conditions prescribed in the Insurance Contracts Regulations 1985. Third party beneficiaries may derive a benefit under an insurance policy but are not an act...READ MORE

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Statements of Advice must be clear, concise and effective

The Corporations Act 2001 generally requires financial services providers (FSPs) to give a Statement of Advice (SOA) to retail clients who receive personal financial advice.1 This requirement is designed to ensure retail clients are given enough information for them to understa...READ MORE

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New Workflow Assessment Process

Our Early Resolution Team, which handles disputes in the early stages of our dispute resolution process, will soon be implementing a new Workflow Assessment Process. This is a key initiative for improving organisational efficiency and reducing dispute resolution timeframes. The...READ MORE

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FOS News

Changes at FOS

As part of our business planning, we have been looking at what we need to do to build on our significant achievements and thrive over the next three years. FOS has grown rapidly since it formed in 2008. We are now a larger, more complex organisation, operating in a more demandi...READ MORE

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FOS Board appointments

Following the expiration of the first terms of office of its Directors, the FOS Board has recently finalised appointments of directors to the Board in accordance with Clause 4 of its Constitution and Board Charter. FOS placed public advertisements seeking applications from indi...READ MORE

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Recent events

We organise or attend hundreds of events every year, to educate our stakeholders about FOS and learn about their needs, and to contribute to policy discussions. Here is a sample of where we have been and what we have done between March and May. Members/industry General Insuranc...READ MORE

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Upcoming events

General Insurance Open Forums. Adelaide - 21 August Perth - 22 August. The aim of the Open Forums is to bring together those involved in the industry to discuss FOS Determinations and share insights. Based on members' input at registration, our decision makers, where appropriat...READ MORE

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FOS Forum

Top 10 tips for financial advisors

1. Take detailed file notes. FOS relies on evidence provided by the parties to a dispute. Documents created at the same time as the activity or advice in question are usually given more weight than later recollections of what was said or done. This means contemporaneous file no...READ MORE

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Systemic Issues

Systemic issues update - January-March 2012

This article summarises systemic issues that we identified during the March quarter of 2012 and reported to the Australian Securities and Investments Commission (ASIC). It also provides an update on some current and recently resolved systemic issue investigations. The FOS proce...READ MORE

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Case Studies