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FOS outlines reform agenda

09 April 2014 3:43PM
The Financial Ombudsman Service has announced a number of measures to improve its dispute process. FOS said that over the coming year it would make the following improvements:•    Introduce a new process to fast-track decisions for simpler and low value disputes•    Review the current two-step dispute lodgement process, with the aim of moving to a one-step process.•    Bring specialists into the process earlier•    Consult with stakeholders over its approach to handling financial difficulty disputes•    Issue decisions that more effectively communicate the outcomes of disputes to both applicants and financial services providers.Last month, FOS released the report of consultant Cameronralph Navigator, which said the ombudsman did not meet its benchmark for efficiency because of undue delay in dealing with disputes. The FOS board issued a statement accompanying the consultant's report, saying it "shares the concerns expressed about the current dispute backlogs and the need to further streamline FOS's dispute handling processes."FOS said it would hold a series of consultations over the next few months to discussed the planned improvements.

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