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The Transition from FOS to the AFCA Commences 1 April 2018

Posted on March 28th, 2018 by Sophie Gerber in AFSL ComplianceDispute ResolutionFinance IndustryFOS
Is your business a member of the Financial Ombudsman Service (“FOS”)? If so, you should have received two important emails from FOS this month. One was sent in early March advising that the Gov ...

Farewell FOS! The Australian Financial Complaints Authority is Here!

Posted on March 9th, 2018 by Sophie Gerber in Compliance WorkFinancial Services and Credit IndustriesFOS
The Financial Ombudsman Service (“FOS”), the Credit and Investments Ombudsman (“CIO”) and the Superannuation Complaints Tribunal (“SCT”) dispute resolution schemes will be replaced by the ...

Dispute Resolution Reform: Changes are Coming

Posted on November 13th, 2017 by Sophie Gerber in ASICDispute ResolutionFOS
A single scheme for external dispute resolution will replace the three existing schemes from 1 July 2018, following the Senate Economics Legislation Committee’s report recommending that the Treasury ...

FOS Finds Room for Improvement by Financial Services Providers

Posted on September 26th, 2017 by Sophie Gerber in Compliance WorkFOS
The Financial Ombudsman Service Australia (FOS) has identified a number of failures by FSPs and details some concerns about industry behaviours in their latest Circular report. We outline these below. ...

Digital Adviser: How to Operate Under the Current Regulatory Regime?

Posted on September 4th, 2017 by Sophie Gerber in ASICFOS
Introduction Over the past decade, the Australian financial services industry has seen the emergence of digital advisers. There is now a strong digital advice presence in the Australian financial ser ...

Material Errors: The Importance of Disclosure for Margin FX and CFD Providers

Posted on August 27th, 2017 by Sophie Gerber in FOSFXOTC Derivatives
A recent case example released by FOS highlights the importance of making sure your PDS and Client Agreement (T&Cs) cover material errors in pricing and the ability for providers to cancel trades ...