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The Financial Ombudsman Service (FOS) was a member-funded Australian ombudsman service that provided external dispute resolution for consumers who were unable to resolve complaints with member financial services organisations. The Financial Ombudsman Service was superseded in 2018 by the Australian Financial Complaints Authority (AFCA).
The Australian Financial Complaints Authority was established on 1 November 2018, replacing the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT). [7]
The Commonwealth Ombudsman in Australia was established in 1977. [1] The Ombudsman can investigate complaints from people who believe they have been treated unfairly or unreasonably by an Australian Government department / agency or prescribed private sector organisation, including Australia Post, Centrelink, Child Support and the Department of Immigration and Border Protection.
Fees charged: Most debt relief companies will charge a fee between 15 percent and 25 percent of the total debt enrolled for settlement. Companies may also charge fees for opening and managing the ...
CHOICE also campaigns on behalf of consumers and is a representative on many national and state-based government committees, councils and independent bodies related to consumer rights and issues including food regulation and labelling, health and financial services, telecommunications and digital technology, standards codes, ecologically sustainable development and the environment.
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The Superannuation Complaints Tribunal was established under the Superannuation (Resolution of Complaints) Act in 1993. It was established at the same time as a new prudential and disclosure framework was put in place under the Superannuation Industry (Supervision) Act 1993, protecting employees compulsory superannuation contributions (introduced in 1992).
Clearing House Electronic Subregister System (CHESS): CHESS is an automated share transfer and settlement system developed by the Australian Securities Exchange. For a CHESS transaction, an interbank request is sent to RITS via SWIFT FIN, the service which sends financial information from one financial institution to another. [12]
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