FOS

Policy & Regulation

The Government has committed to paying unpaid Financial Ombudsman Service determinations impacting consumers and small businesses up to $30.7 million....

Financial planning

Can small, self-licensed firms afford adequate PI insurance?

Professional indemnity insurance premiums are rising because fewer insurers are participating in the market and questions are being asked about whether small, self-licens...

Financial planning

Compensation scheme is treating symptoms not causes

A senior dealer group chief executive has lambasted the Royal Commission’s call for a compensation scheme of last resort, arguing it is treating the symptoms not the caus...

Financial planning

ASIC warns on AFCA membership late fees

Financial firms who are members of the Australian Financial Complaints Authority must notify the Australian Securities and Investments Commission of their membership by t...

Policy & Regulation

AFCA unveils strategy, brand ahead of launch

The new ombudsman vows to “proactively work with consumers, small business and the financial services sector to resolve and reduce financial disputes”....

Policy & Regulation

Work ahead to transition to AFCA

The Fold Legal has warned that transitioning to the Australian Financial Complaints Authority will involve “much work” for Australian Financial Services Licensees....

Life/Risk

CBA not “frank and open” in dealings with FOS, RC told

CBA has acknowledged that it was not frank and open in a dispute with the Financial Ombudsman Service, the Royal Commission has been told....

Financial planning

Planners pin-pointed by FOS at Royal Commission

The Financial Ombudsman Services has told the Royal Commission that planners/advisers have accounted for more than a third of serious misconduct cases identified since ea...

People & Products

FSC and FOS appoint new Code chair

The Financial Services Council and the Financial Ombudsman Service have appointed a former ASK risk specialist as chair of the Life Code Compliance Committee....

Financial planning

Managed investment disputes double at Comm FP: FOS

FOS’ annual comparative tables of dispute statistics showed the number of managed investment disputes at Commonwealth Financial Planning doubled in its planner arena....

Editorial

Last resort compensation – is anyone listening?

Mike Taylor writes that a broad cross-section of the financial services industry has voiced its concerns about a compensation scheme of last resort but few appear to be l...

Life/Risk

CommInsure investigation a substantial piece of work: ASIC

ASIC has examined 60,000 documents as part of its CommInsure investigation and will deliver its findings by the end of the month....

Financial planning

FOS urges claims limit increase

The Financial Ombudsman Service has called for an increase in claims limits and compensation caps for small business disputes, which currently stood at $500,000. ...

Policy & Regulation

Industry divided on single EDR scheme

While the Government and FOS have supported the single ombudsman scheme, the CIO has rejected the recommendation by calling it ‘vexing’....

Financial planning

Govt signals support for single EDR scheme

The Government has signalled its support for the recommendations of the special panel reviewing financial services external dispute resolution for a single body amalgamat...