Predecessor dispute resolution schemes
Under the previous statutory framework, ASIC had a power to approve external dispute resolution schemes. Over the years, ASIC approved a total of 8 external dispute resolution schemes.
Prior to the commencement of AFCA, there were two schemes approved under the Corporations Act and the National Consumer Credit Protection Act operating in the Australian financial and credit industries.
These schemes were approved under ASIC Regulatory Guide 139 Approval and oversight of external dispute resolution schemes (RG 139). This guide provides the framework for the approved versions of the FOS terms of reference and CIO rules. RG 139 will remain in force until all those complaints are closed. At that time, we will withdraw RG 139.
On 1 July 2008, FOS was formed by the merger of 3 pre-existing ASIC-approved EDR schemes:
- the Banking and Financial Services Ombudsman (BFSO);
- the Insurance Ombudsman Service Limited (IOS); and
- the Financial Industry Complaints Service (FICS).
Two other pre-existing ASIC-approved EDR schemes also joined FOS:
- the Credit Union Dispute Resolution Centre (CUDRC); and
- the Insurance Brokers Disputes Limited (IBDL).
When the then also ASIC-approved Financial Co-operative Dispute Resolution Scheme (FCDRS) wound down its operations in 2009, some of its members joined FOS while others joined CIO.
The Superannuation Complaints Tribunal (SCT) is an independent tribunal set up by the Commonwealth Government to deal with complaints about superannuation funds, annuities and deferred annuities, and retirement savings accounts.
The SCT now continues operation to resolve complaints received on or before 31 October 2018, and will close when that work is complete.
Phone: 1300 884 114