MICHAEL ARNOLD FINANCIAL OMBUDSMAN SERVICE AUSTRALIA International Network of Financial Services Omb

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(No Transcript)
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MICHAEL ARNOLDFINANCIAL OMBUDSMAN SERVICE
AUSTRALIAInternational Network of Financial
Services Ombudsman Schemes Conference
2009MEDIA
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FOS AND THE MERGER

• FOS is the amalgamation of five dispute
  resolution bodies
• As one merged organisation we are
• Finding the best practices across the three
  previous organisations approaches
• Looking at the best ways to communicate with the
  consumers / members / media
• Deciding the best facts and figures to report on
  complaints and where to report them
• Focussing on educating as well as informing
• GFC all the more reason to use our information
  and experience to educate as well as inform

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EXPECTATIONS

• FOS has obligations to
• The community
• The consumers
• The members

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WHAT THE COMMUNITY EXPECTS FROM US

• Community and consumers understanding of FOS
• Information to be clear, simple to understand and
  easily digestible size
• Transparency in decision-making and information
  process
• Clear, independent and informed decisions
• Information about industry performance

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WHAT THE CONSUMER EXPECTS

• A multi-layered dispute resolution process
• Conciliation, negotiation, determination
• Fairness, independence, competence and timeliness
• Clear, simple and understandable processes and
  decisions

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WHAT THE MEMBERS EXPECT

• Same process requirements as consumers
• Adherence to the contract with the member
• Understanding of and sensitivity to the business
  environment in which they operate

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FOS AND THE MEDIA

• Media approach
• Arms-length relationships
• Clear and timely information
• Open and honest responses
• Concise and informative media releases
• Media launch for annual reports
• Use media to raise general awareness of FOS

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NAME AND SHAME WHY NOT?

• Members with bigger market share will have higher
  number of complaints - may put them in a
  disproportionately bad light
• Member statistics can be skewed by one event /
  product / issue / poor staff member
• Members may use poor dispute statistics of rivals
  to gain competitive advantage
• More to a members service offering than their
  complaint numbers

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NAME AND SHAME WHY NOT?

• Create bad relationship between FOS and member
  named
• Named member gets dissatisfied and uses media to
  browbeat FOS
• One angry disputant can use media to name and
  shame to their own advantage
• Makes FOS seem less independent because name and
  shame has consumer focus
• Cannot always rely on media to report statistics
  responsibly may cherry pick to fit their angle

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AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
(ASIC) REQUIREMENTS

• FOS will be required to
• Publish statistics about the number of complaints
  received against individual members
• Publish statistics about the number of complaints
  resolved against individual members
• FOS Terms of Reference will incorporate these
  guidelines

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• THANK YOU
• www.fos.org.au