to current arrangements should be designed to ‘Changes simplify, strengthen and increase access to timely, cost-effective and efficient dispute resolution’ community expectations of dispute resolution services. We have Complaints and feedback been able to innovate and adapt in response to these changing We include details of service complaints made about us in this expectations and many other challenges, and we will continue Annual Review (see page 110). This is consistent with our to do so. efforts to enhance our accountability and transparency. We will work constructively with the Government and all our Complaints and feedback about our own service are important stakeholders to ensure a smooth transition to the new scheme, because they help us continually review what we do. leveraging off our existing staffing, expertise and infrastructure In 2016-17, we received 480 service complaints, with 87% of to minimise disruption for consumers and industry. these from applicants. While this represents only 1.2% of I would like to particularly recognise the efforts, expertise and disputes we received, every service complaint provides commitment of our staff. Together with the support and important information and feedback about our handling of feedback of our members, community and consumer disputes and where we might need to improve. organisations and other stakeholders, the commitment of FOS As part of improvements we made to our internal service staff has been critical in us successfully meeting the demands complaints process, the Board appointed John Warde as the we faced in 2016-17, and in preparing us to meet the Independent Assessor to deal with escalated complaints about challenges ahead. FOS service issues. He will commence in this new role in Professor the Honourable September 2017. Michael Lavarch AO Board Chair of the Board We welcomed Johanna Turner to the FOS Board. She has extensive experience in financial services, exchanges and regulatory bodies. I would like to thank all the FOS directors for their efforts, contributions and support in a year where there have been many and varied extra calls on Board members in dealing with our internal and external challenges. As a Board, our focus remains on ensuring that FOS continues to deliver on its purpose of providing a quality dispute service that the Australian community can trust. Meeting community expectations As we look to a new single dispute resolution body, it is important to reflect on our history of change, adaptation and innovation. As scrutiny of financial services has increased, so have
‘Changes to current arrangements should be designed to simplify, strengthen and increase access to timely, cost-effective and efficient dispute resolution’ Complaints and feedback We include details of service complaints made about us in this Annual Review (see page 110). This is consistent with our efforts to enhance our accountability and transparency. Complaints and feedback about our own service are important because they help us continually review what we do. In 2016-17, we received 480 service complaints, with 87% of these from applicants. While this represents only 1.2% of disputes we received, every service complaint provides important information and feedback about our handling of disputes and where we might need to improve. As part of improvements we made to our internal service complaints process, the Board appointed John Warde as the Independent Assessor to deal with escalated complaints about FOS service issues. He will commence in this new role in September 2017. Board We welcomed Johanna Turner to the FOS Board. She has extensive experience in financial services, exchanges and regulatory bodies. I would like to thank all the FOS directors for their efforts, contributions and support in a year where there have been many and varied extra calls on Board members in dealing with our internal and external challenges. As a Board, our focus remains on ensuring that FOS continues to deliver on its purpose of providing a quality dispute service that the Australian community can trust. Meeting community expectations As we look to a new single dispute resolution body, it is important to reflect on our history of change, adaptation and innovation. As scrutiny of financial services has increased, so have community expectations of dispute resolution services. We have been able to innovate and adapt in response to these changing expectations and many other challenges, and we will continue to do so. We will work constructively with the Government and all our stakeholders to ensure a smooth transition to the new scheme, leveraging off our existing staffing, expertise and infrastructure to minimise disruption for consumers and industry. I would like to particularly recognise the efforts, expertise and commitment of our staff. Together with the support and feedback of our members, community and consumer organisations and other stakeholders, the commitment of FOS staff has been critical in us successfully meeting the demands we faced in 2016-17, and in preparing us to meet the challenges ahead. Professor the Honourable Michael Lavarch AO Chair of the Board
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