The Financial Ombudsman Service (FOS) says 188 consumers are still awaiting compensation despite rulings in their favour.

The latest FOS circular says 33 financial services providers have been unwilling or unable to comply with 133 determinations, with outstanding amounts totalling $12.56 million plus interest.

“Only a very small percentage of all FOS members are involved, and these figures represent only a small proportion of all the awards we issue across all our jurisdictions in banking, insurance, life insurance and investments,” the report says.

“However, unpaid determinations represent 23.17% of all determinations issued in the investments and advice area, and 58% of these relate to disputes in the financial planning and advisory sector.”

FOS says it will look into possible actions to address uncompensated losses. “We will continue to explore more appropriate mechanisms for a limited last-resort compensation scheme for consumers with [the Australian Securities and Investments Commission], industry, consumers and policymakers, to ensure that when decisions of compensation in favour of consumers are made, these are able to be paid.”

The service received 8401 disputes in the three months to September 30, up 4% on the corresponding period last year. Some 2453 general insurance disputes were received, accounting for 29.1% of the total.