The Financial Ombudsman Service has released its 2011-2012 Annual Review.
Key data includes:
• 36,049 disputes resolved, up 25%
• 71% of disputes resolved within 120 days, up 3%
• 74% of disputes resolved by agreement, up 3%
FOS has 16,822 members.
The review contains comparative tables which provide three types of information about each listed FSP:
1. Chance of a Dispute Coming to FOS
2. Average Length in Resolution
3. Outcomes analysis for the Dispute Resolution Process.
The tables cover business finance, consumer loans, credit cards, credeit insurance, payment systems, derivatives, extended warranties, home building insurance, home contents insurance, housing finance, life insurance, Managed Investments, Motor Vehicle Insurance, Personal & Domestic Property Insurance, Sickness & Accident Insurance, Small Business – Farm Insurance, Superannuation, Timeshare & Strata Title Schemes and Travel Insurance.
Dispute issues included advice, charges, disclosure, financial difficulty, FSP decision, instructions, privacy & confidentiality, service and transactions.
