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Australia's Financial Ombudsman Service: An Analysis of Its Role in the Resolution of Financial Hardship Disputes
Author(s) -
Ali Paul,
Bourova Evgenia,
Horbec Joseph,
Ramsay Ian
Publication year - 2016
Publication title -
conflict resolution quarterly
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.323
H-Index - 21
eISSN - 1541-1508
pISSN - 1536-5581
DOI - 10.1002/crq.21187
Subject(s) - statutory law , context (archaeology) , business , finance , financial crisis , service (business) , financial services , political science , law , economics , marketing , geography , macroeconomics , archaeology
The Financial Ombudsman Service ( FOS ) was established in 2008 to resolve disputes between Australian consumers and financial service providers. This article outlines the role of FOS in resolving disputes under the statutory protections for Australians in financial hardship. This article also sets out the results of a study of data collected by FOS in relation to financial hardship disputes resolved between 2010 and 2014. This data highlights the importance of FOS in a context where most disputes are resolved outside the courts, particularly in the aftermath of the global financial crisis, when the number of financial hardship disputes rose significantly.