Message from the Chief Ombudsman In what was another widely with stakeholders than challenging but rewarding ever before. year for FOS, we completed a major transformation of our organisation to deliver a fair, fast and efficient resolution service while engaging more We implemented our new dispute process, We have established a team to provide which was designed to be quicker and information to the independent panel that simpler to use for consumers and financial will be reviewing external dispute services providers. It enabled us to reduce resolution. This is a significant average resolution times by more than development in the sector, highlighting the one-third from 95 days last year to 62 role that access by consumers to FOS and – days. external dispute resolution plays in ensuring fair outcomes for consumers, and Importantly, we closed almost all pre-30 supporting trust in financial services. June 2015 disputes by the end of this year, enabling us to now focus on those lodged I would like to thank all FOS staff for their under our new process. efforts, professionalism and commitment over the past 12 months, and acknowledge A major challenge was an unexpected and the support of the Board and our sustained 7% increase in dispute numbers stakeholders. received. This put pressure on our workloads and timeframes with the I consider we have strong foundations in of some queues. We place as we continue our efforts to improve responded by adjusting our process and the important service we provide to the moving staff across the organisation to Australian community. where they were most needed. Shane Tregillis A key priority this year was on actively Chief Ombudsman identifying and managing systemic issues, and this will continue in 2016-17. We also did a great deal to communicate with our members and the broader community, and to make our service as open and accessible as possible. FOS is focused on addressing opportunities and challenges in the external environment.
Message from the Chief Ombudsman In what was another challenging but rewarding year for FOS, we completed a major transformation of our organisation to deliver a fair, fast and efficient resolution service while engaging more widely with stakeholders than ever before. We implemented our new dispute process, which was designed to be quicker and simpler to use for consumers and financial services providers. It enabled us to reduce average resolution times by more than one-third – from 95 days last year to 62 days. Importantly, we closed almost all pre-30 June 2015 disputes by the end of this year, enabling us to now focus on those lodged under our new process. A major challenge was an unexpected and sustained 7% increase in dispute numbers received. This put pressure on our workloads and timeframes with the of some queues. We responded by adjusting our process and moving staff across the organisation to where they were most needed. A key priority this year was on actively identifying and managing systemic issues, and this will continue in 2016-17. We also did a great deal to communicate with our members and the broader community, and to make our service as open and accessible as possible. FOS is focused on addressing opportunities and challenges in the external environment. We have established a team to provide information to the independent panel that will be reviewing external dispute resolution. This is a significant development in the sector, highlighting the role that access by consumers to FOS and external dispute resolution plays in ensuring fair outcomes for consumers, and supporting trust in financial services. I would like to thank all FOS staff for their efforts, professionalism and commitment over the past 12 months, and acknowledge the support of the Board and our stakeholders. I consider we have strong foundations in place as we continue our efforts to improve the important service we provide to the Australian community. Shane Tregillis Chief Ombudsman