Ombudsman urges feedback to improve dispute resolution
The financial services industry’s new unified dispute resolution service FOS is putting its terms of reference out for scrutiny in order to improve the process.
At its National Insurance Workshop in Melbourne last week, Chief Ombudsman Colin Neave urged members to make submissions by October 10 and for new members to “jump on board” to help improve the service.
Insurance Ombudsman Sam Parrino told the conference it’s evident by issues raised by members – particularly in relation to the term “fair and reasonable” – that FOS needs to respond to issues as they develop and as circumstances change.
Mr Parrino says the new service needs to embody “relevance, reliability and accessibility”.
“The internal dispute resolution process itself needs to adapt to circumstances and evolve,” he said. “We have to ask, ‘are we doing enough?’”
He says it is important the industry provides FOS with feedback, both on the terms of reference and into the future.
At its National Insurance Workshop in Melbourne last week, Chief Ombudsman Colin Neave urged members to make submissions by October 10 and for new members to “jump on board” to help improve the service.
Insurance Ombudsman Sam Parrino told the conference it’s evident by issues raised by members – particularly in relation to the term “fair and reasonable” – that FOS needs to respond to issues as they develop and as circumstances change.
Mr Parrino says the new service needs to embody “relevance, reliability and accessibility”.
“The internal dispute resolution process itself needs to adapt to circumstances and evolve,” he said. “We have to ask, ‘are we doing enough?’”
He says it is important the industry provides FOS with feedback, both on the terms of reference and into the future.