FOS

Financial planning

The FOS has used a report from the Financial Counselling Australia to argue that its processes should be the benchmark in any mergers of EDR schemes....

Policy & Regulation

Support builds for last resort compensation scheme

The Government’s review of financial services external dispute resolution has revealed overwhelming industry support for a last resort compensation scheme....

Policy & Regulation

FOS already using planner expertise: Tregillis

The chief ombudsman, Shane Tregellis, has said the Financial Ombudsman Service is never reluctant to call on the expertise of planners to help in dealing with disputes....

Financial planning

FOS option not explicitly advised to clients

Financial services providers must clearly and explicitly explain to clients that they could seek assistance from FOS should the need arise to complain about a dispute....

Financial planning

Poor advice tops FOS investment disputes

Inappropriate advice was the most common issues in investment and advice disputes received by FOS....

Financial planning

FOS wary of banking tribunal

The FOS has cautioned against a new dispute resolution forum in the form of a banking tribunal, warning the Government should allow for the completion of the review into ...

Policy & Regulation

Labor misued FOS data to push for Royal Commission

The Minister for Revenue and Financial Services, Kelly O’Dwyer, accused the opposition of selectively and wrongly utilising Financial Ombudsman Service data to push for a...

Editorial

Equity and effectiveness should trump cost-savings

The Government has commissioned a timely review of the external dispute resolution schemes covering financial services, but it should focus more on equity and effectivene...

Editorial

When balance is needed on EDR

If planners and licensees are asked to cede ground on the monetary and time limits which apply to FOS claims, then consequent FOS decisions must be laid open to appeals, ...

Financial planning

Financial services disputes down 12pc: FOS

Financial difficulty disputes declined by 12 per cent over the last 12 months despite the controversies engulfing the planning sector....

Life/Risk

Rejecting predatory TPD claims will change behaviour

Predatory legal claims around TPD insurance should be rejected, with many jumping the gun and easily able to be defeated, according to a lawyer working in the insurance a...