Tagged: Financial Ombudsman

Attempted challenge by a financial services provider to a determination by the Financial Ombudsman Service under its terms of reference

The decision of the Victorian Court of Appeal in favour of the Financial Ombudsman Service Ltd (FOS) highlights the difficulties for financial services providers in trying to challenge decisions of FOS and the dispute resolution process under the terms of reference (TOR). The TOR operate as a binding contract with a finality clause in favour of FOS’ decisions and determinations.