ifa reported in December that a government-appointed panel had called for the establishment of an independent assessor, arguing that FOS needs to be subject to more frequent independent reviews.
FOS has now commenced the hiring process for a part-time assessor via an advertisement on Seek.com.au, which states that the role will focus on reviewing complaints around service issues in FOS’s dispute handling.
The assessor, however, will not be allowed to review the “substance” of a FOS decision.
“The independent assessor role is designed to enhance our existing internal complaints process by providing an additional independent review of complaints about FOS’s service that have not been resolved through FOS’s internal review process,” the ad states.
“The independent assessor will review complaints from individual consumers and financial firms on service issues relating to the handing of a dispute, and will not review the substance of a FOS decision.
“The independent assessor will not act as a review or appeal mechanism on the findings or outcomes of FOS decisions, or the substance of a dispute or jurisdictional decision.”
According to the ad, FOS is looking for someone with significant senior level experience in a legal firm, tribunal, external dispute resolution scheme, financial sector firm or government agency.
The candidate must also be able to command the respect of stakeholders within the financial sector and community as well as be comfortable with public scrutiny, the ad states.
In December, a group of advisers voiced support for the proposed establishment of an independent assessor to scrutinise FOS, saying it is “long overdue”.
FOS came under fire in 2015 when a company accused it of being biased and untrustworthy.
In a submission to a Senate committee, Dispute Assist provided several examples of cases that it claims represent evidence of FOS staff misrepresenting the facts, incorrectly interpreting its terms of reference, and pressuring applicants to accept inappropriate settlements.
Oh the FOS is looking for someone to look into complaints about them and will pay accordingly ,this is just like the CBA overseeing their own compensation scheme.Remove financial advisory services from the banks and remove the FOS now!!!
FOS is a needed consumer protection body. But to have a system stacked so heavily towards consumers with zero Natural Justice for advisers leaves the advisers at a terrible unprotected risk.
And whilst the recent FOS review and this so called process complaints new role is a positive it still doesn’t help the adviser that gets screwed by FOS when they lack procedural and professional legal processes and make random decisions against their own rules, multiple times in a single case.
And still no rights for an adviser to dispute any ruling!!!
Stacked against the adviser? you reckon? the whole system is stacked against the adviser. that is partially the result of weak representative bodies. if you are a member of the AFA or the FPA cancel your membership now