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FOS 'lacks timeliness': Independent review

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Australian Broker | 13 Mar 2014, 09:35 AM Agree 0
An independent reviewer has found the Financial Ombudsman Service is inefficient and causes undue delays when resolving disputes.
  • MJL1959 | 13 Mar 2014, 09:57 AM Agree 0
    One Lender I deal with has barely got response to Complaint lodged 4 years ago by Borrower (non paying) and a number exceeding 18 months. FOS is a totally unprofessional organisation.
  • SIDBROKER | 13 Mar 2014, 10:01 AM Agree 0
    They are happy to take you money though.
  • Laurie Best | 13 Mar 2014, 10:02 AM Agree 0
    The reaction from ASIC is nothing other than "business as normal" no admission the system they set up is fatally flawed. In many cases FOS taking too long makes the borrower/complainants position measureably worse.
  • Tony | 13 Mar 2014, 10:04 AM Agree 0
    At last someone has exposed this highly inefficient organization. Just a shame they have cost consumers and lenders significant amounts in terms of delay and equity loss. The area they do need a shake up in is their non commercial approach. They could learn from COSL who are a far more proactive organization.
  • Simstar | 13 Mar 2014, 12:43 PM Agree 0
    Good report, to fix the problems and reduce backlog of cases (which are process driven) FOS decides to instigate another process into a system which is heavily processed - you are kidding right?
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