Choice applauds FOS, urges participation
The consumer body Choice has urged the remaining financial dispute resolution schemes that have yet to join the new Financial Ombudsman Service (FOS) to “get on board”.
A statement from Choice said that while the Government’s recent agreement to introduce a national law for consumer credit would lead to even more accessible dispute resolution for consumers, the “one downside” is that some smaller dispute resolution schemes are yet to indicate their support for the FOS.
It’s expected that the new national consumer credit law will require all credit providers to belong to an external dispute resolution scheme, such as the FOS.
“At present, many non-bank credit providers do not submit themselves to external dispute resolution,” the statement said.
Choice has welcomed the launch of the FOS — the merging of the three main ombudsman schemes for financial products and services, which opened its doors on July 1.
The consumer body said it had campaigned for a number of years for a “one-stop shop for consumers” in dispute with their bank, insurance company or other financial services provider.
Recommended for you
The ongoing adviser shortage is a key driver behind advisers’ increased use of ETFs and managed accounts, according to an industry expert, fuelled by the need for cost and efficiency savings.
A business consultant believes there is a proven correlation between advice businesses that develop and commit to a clear business plan and those that see higher profit outcomes, but only when done correctly.
Advice technology solution intelliflo has launched an integration with fintech firm FAYBL to introduce AI capabilities across the intelliflo office offering to boost efficiency.
ASIC’s court case with Interprac is causing advisers to explore the possibility of self-licensing, according to My Dealer Services, as they observe the reputational damage it can bring to a practice.
