The Financial Ombudsman Service Australia is pleased to share with you its latest submission to the final FSI Report, in which FOS recommends that a number of actions be taken to improve consumer trust in financial services.
FOS’s key recommendation is that a limited compensation scheme of last resort be established to address the issue of unpaid FOS awards of compensation to consumers. This issue was raised in the interim FSI report but not addressed in the final FSI report. This remains a key missing element in the current reform proposals to improve trust and confidence in the financial planning and advice sector.
FOS’s submission also deals with a number of other issues raised in our earlier submissions relating to the general customer remediation programs by financial services providers, current External Dispute Resolution arrangements and funding for financial counselling and specialist legal centres.
Click here to download a PDF version of the full FOS submission.