Financial Ombudsman Service (Australia)
The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations.
| Predecessor |
|
|---|---|
| Formation | 1 July 2008 |
| Type | Ombudsman |
| Headquarters | Melbourne, Victoria |
| Location |
|
Membership | Australian banks, insurers, credit providers, financial advisers and planners, debt collection agencies and other businesses that provide financial products and services |
Chief Ombudsman | David Locke |
| Affiliations | Australian Securities & Investments Commission |
Staff | 293 FTE (2016): 16 |
| Website | www |
As of 30 June 2016 the FOS had approximately 5,500 licensed member organisations that included banks, insurers, credit providers, financial advisers and planners, debt collection agencies and other businesses that provide financial products and services; together with an additional 8,000 authorised credit representatives. The Service is governed by its term of reference which allow for it to hear matters within six years of the first knowledge of a financial loss and, since January 2015, for the Service to award remedies capped at A$309,000. In 2015–6, the FOS received 34,095 disputes and closed 32,871 disputes; a seven per cent increase on the number of disputes received during the previous year and a five per cent decrease on the number of disputes closed.: 4
The FOS was led by the Chief Ombudsman, David Locke. He is supported by lead ombudsmen for banking and finance, general insurance, and investment and advice; with ten other ombudsmen supporting various functional areas and disputes.
The Financial Ombudsman Service was superseded in 2018 by the Australian Financial Complaints Authority (AFCA).