Monday, August 22, 2016 - Posted by Michael McCulloch
In the Winter edition of The FOS Circular the Financial Ombudsman Service Australia ("FOS") has released their quarterly statistics.
Compared to the last quarter FOS are reporting a 9% increase in disputes and overall a 22% increase compared to the same quarter last year.
Total Disputes by Product Line
42% of disputes received for the quarter were credit disputes with general insurance disputes account for 30%.
5,585 disputes were accepted by FOS for the quarter which was an increase in 13% compared to last quarter. Compared to the same quarter last year this represented a 1% decrease.
8,741 disputes were closed this quarter which, compared with last quarter, was a 14% increase and a 2% decrease compared to the same quarter last year.
Closed Disputes by Outcome
52.8% of disputes referred were resolved by the FSP with 15.8% of disputes outside of FOS's Terms of Reference.6.3% of disputes were discontinued (potentially meaning that the consumer did not proceed with the complaint)
All graphs and tables are courtesy of FOS.