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Issue 18 - August 2014

Chief Ombudsman's Message

There has been a lot of media coverage again lately about Australian financial services, with the release of the interim report of the Financial System Inquiry (the Murray Inquiry), the Senate Inquiry into the Performance of the Australian Securities and Investments Commission,...READ MORE


The FOS Approach

The FOS Approach to Responsible Lending

We publish the FOS Approach to help make it as easy as possible for everyone to understand how we consider disputes about particular issues. This includes the different elements we will consider and the relevant Codes, legal principles, obligations and industry best practice th...READ MORE

Circular 18 - approach

FOS Forum

Key Determinations

In June 2014, we issued a Determination regarding a claim under an income protection insurance policy. At the commencement of the policy, and until he became disabled, the applicant jointly owned and operated a family business with his wife. When the applicant became totally di...READ MORE

Circular 18 - key determinations
Recent Supreme Court decision confirms FOS approach to resolving disputes

The recent court case of Financial Ombudsman Service Limited v Pioneer Credit Acquisition Services Pty Ltd [2014] VSC 172 has received some industry interest and commentary since it was handed down on 16 April 2014. The judgment upheld FOS’s claim against Pioneer and dismissed ...READ MORE

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Unpaid Determinations: update

In our March 2014 Special Circular we discussed the issue of some consumers not receiving compensation from financial services providers following FOS determinations. This article provides an update on the number of unpaid FOS determinations for the period 1 January 2010 to 30 ...READ MORE

Circular 18 - unpaid determinations

Dispute Process Reform

Fast, efficient, fair dispute resolution

In the last issue of the Circular, we outlined the significant initiatives we are working on to address recommendations made in the 2013 independent review of FOS. We are on track to deliver our core promise to resolve disputes in a more timely, efficient and fair manner by 1 J...READ MORE

Circular 18 - DPR

FOS News

Upcoming events

We organise or attend hundreds of events every year. Over the next few months we will be in Adelaide, Perth and Sydney running various sessions for our members. Please visit our online events calendar regularly, where you can always keep up-to-date with our latest events and re...READ MORE

Circular 18 - upcoming events
Restoring trust in Australian financial services

The interim report from the Financial System Inquiry (The Murray Inquiry) released last month covered a broad range of issues across the whole financial sector. In his speech to the National Press Gallery, the Chair of the Inquiry David Murray highlighted that sustaining confid...READ MORE

Circular 18 - tips for clients
An update from the Code team

The FOS Code team supports four independent committees to monitor codes of practice in the Australian financial services industry. The codes help financial services providers achieve service standards that people can trust. All four codes monitored by the FOS Code team have bee...READ MORE

Circular 18 - update from code
Under the spotlight: Eugene Wetangula

The teenage Eugene Wetangula didn’t know a soul when he moved from Nairobi to Melbourne to study at Monash University. Almost a decade later, some of the students he sat next to in his first lecture remain his closest friends. Eugene has worked at FOS for four years and it’s a ...READ MORE

Circular 18 - spotlight
Postcard from... Wanneroo, Western Australia

The City of Wanneroo, on Perth’s northern boundary, is one of the fastest growing local governments in Western Australia. Between 2001 and 2011, its population almost doubled from approximately 80,400 to 160,300, and is estimated to grow by more than 7,800 residents each year f...READ MORE

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Systemic Issues

Systemic Issues update

This article summarises new systemic issues that we identified during the June quarter of 2014 and reported to the Australian Securities and Investments Commission (ASIC). It also provides an update on some current and recently resolved systemic issue investigations, a summary ...READ MORE

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Case Studies

Case Studies

This is a collection of case studies that have appeared elsewhere in this edition of the Circular. It includes the case studies from the FOS Approach series on responsible lending, which explains the way we consider disputes where a consumer says a financial services provider s...READ MORE

Circular 18 - case studies


Statistics report

We received 8,027 disputes from April-June 2014. This was a slight increase (0.2%) from the previous quarter and a 3% decrease from the same quarter last year. During 2013-2014, we received 31,680 complaints and disputes which were a decrease (down 2%) compared with 2012-2013 (...READ MORE

Circular 18 - statistics