The financial authority managed to close the highest number of complaints in the past five years.
The Australian Financial Ombudsman Service (FOS) has released its statistics for April to June this year. According to the report, the financial authority managed to close its highest number of complaints in the past five years.
The FOS received 11,790 disputes in the stated period. This is an increase of 17% from the same quarter last year. At the same time, the financial dispute resolution organisation also closed 11,611 disputes. This is the highest number of disputes closed in one financial quarter in the past five years
The most commonly received dispute this quarter was over credit, which accounted for 4,741 complaints, or 40% of the total. General insurance disputes came in at a close second, at 3,552 complaints, or 30%.
During the quarter, the ombudsman accepted 6,395 disputes, or 73% of the total received. This is an uptick of 17% from the previous quarter and 14% more than the same period last year.
Of the accepted disputes, credit disputes again led the pack at 2,595, contributing to 40% of the total complaints. General insurance disputes were the second highest yet again, numbering 2,134, or 33% of the total.
FOS closes the highest number of disputes in five years
For the quarter, the ombudsman closed 11,611 disputes, an increase of 11% when compared to the previous quarter and the same quarter in 2017.
For the disputes that were closed, more than two-thirds, or 64%, were resolved through an agreement between the consumer and the financial services provider. This is an increase of 5% from the previous quarter, which had this outcome for 59% of its disputes. The ombudsman also declined 14% of the disputes because they were out of its jurisdiction.
This is the last time that the FOS will be releasing dispute statistics. This is because the FOS is being replaced by the Australian Financial Complaints Authority (AFCA), a new external dispute resolution (EDR) scheme.
From November 1st 2018, the AFCA will deal with all complaints from consumers in the financial system which would typically go to the FOS, the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT). This is to streamline the dispute resolution process for consumers.
The Australian Financial Ombudsman Service (FOS) has released its statistics for April to June this year. According to the report, the financial authority managed to close its highest number of complaints in the past five years.
The FOS received 11,790 disputes in the stated period. This is an increase of 17% from the same quarter last year. At the same time, the financial dispute resolution organisation also closed 11,611 disputes. This is the highest number of disputes closed in one financial quarter in the past five years
The most commonly received dispute this quarter was over credit, which accounted for 4,741 complaints, or 40% of the total. General insurance disputes came in at a close second, at 3,552 complaints, or 30%.
During the quarter, the ombudsman accepted 6,395 disputes, or 73% of the total received. This is an uptick of 17% from the previous quarter and 14% more than the same period last year.
Of the accepted disputes, credit disputes again led the pack at 2,595, contributing to 40% of the total complaints. General insurance disputes were the second highest yet again, numbering 2,134, or 33% of the total.
FOS closes the highest number of disputes in five years
For the quarter, the ombudsman closed 11,611 disputes, an increase of 11% when compared to the previous quarter and the same quarter in 2017.
For the disputes that were closed, more than two-thirds, or 64%, were resolved through an agreement between the consumer and the financial services provider. This is an increase of 5% from the previous quarter, which had this outcome for 59% of its disputes. The ombudsman also declined 14% of the disputes because they were out of its jurisdiction.
This is the last time that the FOS will be releasing dispute statistics. This is because the FOS is being replaced by the Australian Financial Complaints Authority (AFCA), a new external dispute resolution (EDR) scheme.
From November 1st 2018, the AFCA will deal with all complaints from consumers in the financial system which would typically go to the FOS, the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT). This is to streamline the dispute resolution process for consumers.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24