Funding for FOS challenges canvassed
The Association of Independently-owned Financial Planners (AIOFP) has canvassed putting in place a funding and oversight mechanism for members dealing with the Financial Ombudsman Service (FOS).
The move was flagged at the association's annual conference in Adelaide and is understood to have been prompted by a number of recent decisions handed down by FOS and the failure of a recent appeal in the West Australian Supreme Court.
It is understood that under the AIOFP approach, members would contribute to a fund which would then, subject to review by a panel, be utilised to support members confronted by adverse FOS findings.
Money Management understands the concept was developed on the basis of similar support arrangements being put in place for police officers via police associations.
The concept is expected to be considered by the AIOFP board.
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