Ombudsman submissions close today
Submissions on the Financial Ombudsman Service (FOS) proposed new terms of reference close today.
The proposed terms were released on March 19 and are intended to encompass the essentials of the dispute resolution process within a system capable of serving a wide range of products and industries.
FOS says the proposed terms are intended to meet regulator and consumer requirements and will impose a monetary cap on awards of $300,000 from 2012 “to allow time for transition including revised professional indemnity cover”.
Submissions to the proposed terms are required to specify in detail any requested amendments backed by reasons for the changes.
Stakeholders will be granted a further 30-day consultation period to review submissions before FOS directors make final revisions and refer the terms of reference to the Australian Securities and Investments Commission.
The proposed terms were released on March 19 and are intended to encompass the essentials of the dispute resolution process within a system capable of serving a wide range of products and industries.
FOS says the proposed terms are intended to meet regulator and consumer requirements and will impose a monetary cap on awards of $300,000 from 2012 “to allow time for transition including revised professional indemnity cover”.
Submissions to the proposed terms are required to specify in detail any requested amendments backed by reasons for the changes.
Stakeholders will be granted a further 30-day consultation period to review submissions before FOS directors make final revisions and refer the terms of reference to the Australian Securities and Investments Commission.