Financial Ombudsman Service (Australia)
Encyclopedia
The Financial Ombudsman Service is an Australian industry ombudsman
that handles complaints in respect of most financial services.
The Ombudsman does not deal with complaints about compulsory third party, private health, public liability and workers’ compensation insurance.
Ombudsman
An ombudsman is a person who acts as a trusted intermediary between an organization and some internal or external constituency while representing not only but mostly the broad scope of constituent interests...
that handles complaints in respect of most financial services.
History
It was established on 1 July 2008 following the merger of Financial Industry Complaints Service with the Banking and Financial and Financial Services Ombudsman (BFSO) and Insurance Ombudsman Service (IOS)Scope
The Financial Ombudsman Service handles complaints about banking, credit, loans and debt collection, life insurance, superannuation, financial planning, insurance broking, stockbroking, investments, managed funds, timeshares, general insurance, finance and mortgage broking. They cover complaints where the value of the claim is $500,000 or less.The Ombudsman does not deal with complaints about compulsory third party, private health, public liability and workers’ compensation insurance.
Complaints Process
In order to access the Ombudsman, a written complaint must first be sent to the Financial Services provicer. The provider then has up to 45 days to respond to the complaint. If the dispute remains unresolved then a dispute can be registered with the Ombudsman who will then deal with the complaint.See also
- Superannuation Complaints TribunalSuperannuation Complaints TribunalThe Superannuation Complaints Tribunal is an independent statutory body established by the Australian Government to deal with complaints about superannuation .- History:...
- Credit ombudsman serviceCredit ombudsman serviceAustralia's Credit Ombudsman Service, or COSL, is an industry ombudsman established in 2003 as a result of the Mortgage & Finance Association of Australia self regulation and the then increasing interest in non-bank lending. The Credit Ombudsman Service is the largest External Dispute Resolution ...
- Financial Ombudsman Service (UK)Financial Ombudsman ServiceThe United Kingdom's Financial Ombudsman Service is an ombudsman established in 2001 as a result of the Financial Services and Markets Act 2000 to help settle disputes between consumers and UK-based businesses providing financial services, such as banks, building societies, insurance companies,...
- Australian Securities and Investments CommissionAustralian Securities and Investments CommissionThe Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...
- Ombudsmen in AustraliaOmbudsmen in Australia-Government ombudsmen:Government ombudsman services are free to the public, like many other ombudsman and dispute resolution services, and are a means of resolving disputes outside of the court systems....