From 1 July 2008 the dispute resolution function currently conducted by the Banking and Financial Services Ombudsman (“BFSO”) will be conducted by a new company, Financial Ombudsman Service Limited (“FOS”), which will merge BFSO’s operations with those of the Insurance Ombudsman Service (“IOS”) and the Financial Industry Complaints Service (“FICS”).

The combined service will deal with complaints involving:
• Banks;
• Other deposit taking institutions (credit unions, building societies);
• Finance & Mortgage brokers;
• Financial Planners;
• Stockbrokers;
• General Insurers;
• Funds Managers; and
• Life Insurers.

More detail in BFSO Bulletin 57.