The Financial Ombudsman Service (FOS) has engaged governance advisory group Cameron Ralph/Navigator to conduct an independent review of the organisation.

Cameron Ralph will accept submissions until October 1 and provide a report to the FOS board on December 13.

The review will examine the service’s dispute-handling processes across general and life insurance, banking and investments.

A discussion paper circulated by FOS says issues to be covered include possible problems caused by growing dispute numbers and the balance between business and consumer interests.

The review will also consider stakeholder engagement and determine whether the ombudsman has adequate support and expertise to meet expanded responsibilities.

Written submissions will be published on the FOS website, unless confidentiality is requested. They do not need to be formal or lengthy, the discussion paper says.

The FOS board agreed the review’s terms of reference in consultation with the Australian Securities and Investments Commission.