Financial Ombudsman Service (Australia)
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| Predecessor | Financial Industry Complaints Service, Banking and Financial Services Ombudsman |
|---|---|
| Formation | 1 July 2008 |
| Type | Ombudsman |
| Headquarters | Melbourne |
| Location |
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Membership
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Australian Financial Companies |
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Chief Ombudsman
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Shane Tregillis |
| Affiliations | approved by the Australian Securities and Investment Commission |
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Staff
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315 full-time equivalent |
| Website | www |
The Financial Ombudsman Service (FOS) is a private company limited by guarantee,[1] Financial Ombudsman Service Ltd, providing an external dispute resolution service for the financial services industry. It is approved by the Australian Securities and Investment Commission (ASIC) in accordance with Regulatory Guide 139.[2]
Contents
History
FOS was established on 1 July 2008 following the merger of the Financial Industry Complaints Service (FICS) with the Banking and Financial Services Ombudsman (BFSO) and Insurance Ombudsman Service (IOS); all of which were Industry Self-Regulatory bodies.[3]
The Ombudsman was reported by media as having confirmed "the decision to refer the matter to a court given the complexity of the dispute, the inability of FOS to cross examine all relevant witnesses and compel the production of information from third parties, as well as the need to engage experts." [4] It was this decision that subsequently resulted in the court proceedings to challenge the jurisdictional decision of FOS not to handle the particular complaint. The issue raised in Submission 134 arose from a conversation between the Ombudsman and the consumer’s representative, who had recorded the telephone conversation without the Ombudsman’s knowledge. During the legal proceedings, it became apparent that there were differences between the telephone recordings and the working notes of those recordings made by the Ombudsman.
ASIC are yet to respond to the questions and, since the filing, other senators have called for FOS to explain the circumstances. FOS did release a media statement attempting to dismiss the allegations and rely on the ruling by the court.[5] However, this does not address the substance of the allegations in the submission which concern misleading file notes presented in the discovery phase of the trial.
The Law Council of Australia has issued no comment. There has been no action taken by the Victorian Legal Services Commissioner despite the individual being named as a person admitted to practice in Victoria. As a party to the case, which would have otherwise benefited, Australia and New Zealand Banking Group has not commented on the case.
Subsequently there have been continued calls by a number of Australian Senators for the FOS to be disbanded.[6][7][8]
Groups representing consumers are generally supportive of FOS, stating that, "while there is room for improvement, the Financial Ombudsman Service is providing an essential service of a high standard."[9]
See also
- Superannuation Complaints Tribunal
- Credit and Investments Ombudsman
- Financial Ombudsman Service (UK)
- Australian Securities and Investments Commission
- Ombudsmen in Australia
References
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- ↑ Corporations Act 2001 (Cth) s 912A
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