ASIC-approved dispute resolution schemes
Over the years, ASIC has approved a total of 8 external dispute resolution schemes.
Two ASIC-approved external dispute resolution schemes currently operate in the Australian financial and credit industries.
Both have been approved by us under the Corporations Act and the National Consumer Credit Protection Act.
FOS deals with complaints across a diverse range of financial and credit products and services - including complaints against banks, credit unions, foreign exchange dealers, deposit takers, credit providers, mortgage brokers, general insurers, insurance brokers, life insurers, funds managers, financial advisers and planners, stockbrokers and some superannuation providers.
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<?li>
- 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 also joined FOS.
Contact: 1800 367 287 or lodge a complaint online on the FOS website.
CIO handles complaints about credit unions, building societies, non-bank lenders, mortgage and finance brokers, financial planners, lenders and debt collectors, credit licensees and credit representatives.
When the then also ASIC-approved FCDRS wound down its operations in 2009, some of its members also joined CIO.
**Contact: 1800 138 422 to make a complaint or visit the CIO website.
Superannuation Complaints Tribunal
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 must act in accordance with the Superannuation (Resolution of Complaints) Act.
Phone: 1300 884 114 or (03) 8635 5580
Fax: (03) 8635 5588