Total disputes accepted We accepted 22,962 disputes in 2017-18. This was 2% more Stream Number % Number % than last year (the second year in which all disputes lodged Fast Track 8,297 37 8,286 36 with us were first referred back to the internal dispute FSP’s Standard 5,644 25 6,174 27 resolution process). Accepted disputes are those that the FSP and consumers Terms of Reference 5,464 24 5,502 24 could not resolve and then progress into Case Management at Complex 3,030 13 2,960 13 FOS. At the beginning of Case Management, we review and Total 22,475 100 22,962 100 allocate disputes into one of the following work streams: Fast Track disputes generally low-value disputes with a – Note: As at 30 June 2018, 40 disputes were yet to be streamed. single primary issue, do not require detailed investigation and suitable for fast information gathering and negotiation or Accepted disputes by product line decision. In 2017-18, credit disputes accounted for 43% of all accepted Standard disputes may require FOS to investigate, gather – disputes (the same as last year), followed by general and consider more information but generally involve insurance 32% (down three percentage points from last year). straightforward issues and more likely to be resolved by agreement. Number % Complex disputes generally require detailed investigation – Credit 11,295 43 and consideration, and may involve a number of issues. General insurance 8,603 32 These disputes are less likely to resolve by agreement Deposit taking 2,195 8 through negotiation or conciliation, and more likely to require a decision by FOS. Payment systems 1,656 6 Disputes that may be outside our jurisdiction are allocated to Investments and advice 1,524 6 our Terms of Reference team to assess and determine Life insurance 1,117 4 whether we can consider them. Products outside Terms of Reference 161 1 Traditional trustee services 19 0 Total 26,570 100 Disputes accepted into Case Management by stream Note: The total in this table is based on counting cases about multiple 2016-17 2017-18 products and issues as multiple disputes. For further explanation of this distinction, see we count on page 63. ‘How disputes’ Accepted disputes by month FOS accepted an average of 1,914 disputes a month in 2017-18, up from 1,873 last year. Our busiest month was May 2018 and our quietest month was January 2018.
Total disputes accepted We accepted 22,962 disputes in 2017-18. This was 2% more than last year (the second year in which all disputes lodged with us were first referred back to the FSP’s internal dispute resolution process). Accepted disputes are those that the FSP and consumers could not resolve and then progress into Case Management at FOS. At the beginning of Case Management, we review and allocate disputes into one of the following work streams: Fast Track disputes – generally low-value disputes with a single primary issue, do not require detailed investigation and suitable for fast information gathering and negotiation or decision. Standard disputes – may require FOS to investigate, gather and consider more information but generally involve straightforward issues and more likely to be resolved by agreement. Complex disputes – generally require detailed investigation and consideration, and may involve a number of issues. These disputes are less likely to resolve by agreement through negotiation or conciliation, and more likely to require a decision by FOS. Disputes that may be outside our jurisdiction are allocated to our Terms of Reference team to assess and determine whether we can consider them. Disputes accepted into Case Management by stream 2016-17 2017-18 Stream Number % Number % Fast Track 8,297 37 8,286 36 Standard 5,644 25 6,174 27 Terms of Reference 5,464 24 5,502 24 Complex 3,030 13 2,960 13 Total 22,475 100 22,962 100 Note: As at 30 June 2018, 40 disputes were yet to be streamed. Accepted disputes by product line In 2017-18, credit disputes accounted for 43% of all accepted disputes (the same as last year), followed by general insurance 32% (down three percentage points from last year). Number % Credit 11,295 43 General insurance 8,603 32 Deposit taking 2,195 8 Payment systems 1,656 6 Investments and advice 1,524 6 Life insurance 1,117 4 Products outside Terms of Reference 161 1 Traditional trustee services 19 0 Total 26,570 100 Note: The total in this table is based on counting cases about multiple products and issues as multiple disputes. For further explanation of this distinction, see ‘How we count disputes’ on page 63. Accepted disputes by month FOS accepted an average of 1,914 disputes a month in 2017-18, up from 1,873 last year. Our busiest month was May 2018 and our quietest month was January 2018.
fos-annual-review-201718-word.docx