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Special issue - April 2014

Financial System Inquiry


FOS has made a submission to the Financial System Inquiry which says consumer trust in the sector is essential to ensuring Australia has a dynamic, innovative and competitive financial sector.

While there are many important elements that underpin consumer trust in financial services, FOS’s experience and research demonstrates that it is crucial for consumers to have easy access to a complaints resolution mechanism that is impartial, quick and provides remedies if financial services providers have not met their obligations to their customers.

In our current financial system, there are some instances when this is not the case, as the Circular news item highlights.

Our submission to the Financial System Inquiry can be downloaded here.