Australia's Financial Ombudsman Service: An Analysis of its Role in the Resolution of Financial Hardship Disputes

Conflict Resolution Quarterly, Vol. 34, No. 2, pp. 163-188, 2016

22 Pages Posted: 10 Dec 2016

See all articles by Paul Ali

Paul Ali

University of Melbourne - Law School

Evgenia Bourova

University of Melbourne - Law School

Joseph Horbec

University of Melbourne - Law School

Ian Ramsay

Melbourne Law School - University of Melbourne

Multiple version iconThere are 2 versions of this paper

Date Written: December 9, 2016

Abstract

The Financial Ombudsman Service (FOS) was established in 2008 to resolve disputes between Australian consumers and financial service providers. This article outlines the role of FOS in resolving disputes under the statutory protections for Australians in financial hardship. This article also sets out the results of a study of data collected by FOS in relation to financial hardship disputes resolved between 2010 and 2014. This data highlights the importance of FOS in a context where most disputes are resolved outside the courts, particularly in the aftermath of the global financial crisis, when the number of financial hardship disputes rose significantly.

Keywords: Dispute resolution, financial services, financial hardship, Financial Ombudsman Service

Suggested Citation

Ali, Paul and Bourova, Evgenia and Horbec, Joseph and Ramsay, Ian, Australia's Financial Ombudsman Service: An Analysis of its Role in the Resolution of Financial Hardship Disputes (December 9, 2016). Conflict Resolution Quarterly, Vol. 34, No. 2, pp. 163-188, 2016. Available at SSRN: https://ssrn.com/abstract=2883037

Paul Ali

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 1088 (Phone)
+61 3 8344 5285 (Fax)

HOME PAGE: http://www.law.unimelb.edu.au

Evgenia Bourova

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia

Joseph Horbec

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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