Unease over proposed FOS terms of reference
The Financial Ombudsman Service’s (FOS) proposed new terms of reference has sparked concern among industry leaders, with a “significant number” of submissions received.
FOS has received 37 submissions questioning the terms, while comments on those submissions have also flooded in and are likely to continue until the extra 30-day period ends on Wednesday.
The Navigator Company director Phil Khoury, whose company is independently reviewing the submissions on behalf of FOS, says 37 submissions is a significant number for such issues.
“There are over 300 pages there,” he told insuranceNEWS.com.au. “That’s a lot of comment. Among those there are a few hot topics. Clearly people have a lot to say about the proposed monetary limits.
“Also, because there are three main industry sectors coming together [under FOS], people are making sure they know how those provisions will wrap up into a single term of reference. People are also interested in what types of disputes will be allowed.”
Organisations that have made submissions to the terms of reference include CGU, the Financial Planning Association, ICA, the Investment and Financial Services Association, Lloyd’s, NIBA, RACQ Insurance and Suncorp.
FOS has received 37 submissions questioning the terms, while comments on those submissions have also flooded in and are likely to continue until the extra 30-day period ends on Wednesday.
The Navigator Company director Phil Khoury, whose company is independently reviewing the submissions on behalf of FOS, says 37 submissions is a significant number for such issues.
“There are over 300 pages there,” he told insuranceNEWS.com.au. “That’s a lot of comment. Among those there are a few hot topics. Clearly people have a lot to say about the proposed monetary limits.
“Also, because there are three main industry sectors coming together [under FOS], people are making sure they know how those provisions will wrap up into a single term of reference. People are also interested in what types of disputes will be allowed.”
Organisations that have made submissions to the terms of reference include CGU, the Financial Planning Association, ICA, the Investment and Financial Services Association, Lloyd’s, NIBA, RACQ Insurance and Suncorp.