Financial Rights and Consumer Action wrote a joint submission to the Financial Ombudsman Service commenting on the proposed changes to its Terms of Reference.
The submission supports the proposed new one-step lodgment process; new discretionary powers to kick out paid consumer agents; a new fast track ‘Adjudicator’ process for low value disputes; shorter objection time-frames for Outside Jurisdiction cases; increased limit for uninsured 3rd party accidents ($5000); and discretion to allow sale of asset. The submission rejects FOS’s proposal to limit its own jurisdiction for rating factors on premium/excess decisions.
