The Financial Ombudsman Service (FOS) provides a free national external dispute resolution service to consumers to help in resolving disputes relating to life insurance, superannuation and investment matters.
Types of matters dealt with include:
- Life insurance
- Retirement savings accounts
- Funds management
- Financial advice
- Investment advice
- Financial and investment products
Assistance is restricted only to those matters which fall within the Service’s terms of reference and for insurers who were members at the time the complaint arose. Disputes concerning amounts greater than $280,000 for life insurance and $150,000 for funds management, stockbroking, investment and financial advices are not covered by the FOS.
An attempt must be made to resolve the dispute with the insurer or financial service provider concerned before FOS will be able to assist. If after attempting internal dispute resolution a consumer is not satisfied they can lodge a complaint with FOS.
The content of the Law Handbook is made available as a public service for information purposes only and should not be relied upon as a substitute for legal advice. See Disclaimer for details. For free and confidential legal advice in South Australia call 1300 366 424.