Ombudsman merger ‘more than a branding exercise’
The Financial Ombudsman Service (FOS) has released an issues paper to help formulate its terms of reference before they go to ASIC for approval.
In identifying principles and constraints around the new terms of reference, FOS says it is clear the regulator expects a genuine merger with real potential for improvement, not just a common branding exercise.
Consumer rights and access to the scheme must be at the same standard or greater than predecessor schemes, it says in the report.
FOS also says the terms of reference will aim for best practice, help deliver value for money and take into account the differences in products and services across the financial services industry.
Submissions for the proposed terms of reference close on October 10 before a first draft is released later this year.
In identifying principles and constraints around the new terms of reference, FOS says it is clear the regulator expects a genuine merger with real potential for improvement, not just a common branding exercise.
Consumer rights and access to the scheme must be at the same standard or greater than predecessor schemes, it says in the report.
FOS also says the terms of reference will aim for best practice, help deliver value for money and take into account the differences in products and services across the financial services industry.
Submissions for the proposed terms of reference close on October 10 before a first draft is released later this year.