The financial authority managed to close the highest number of complaints in the past five years.
The Australian Financial Ombudsman Service (FOS) has released its statistics for April to June this year. According to the report, the financial authority managed to close its highest number of complaints in the past five years.
The FOS received 11,790 disputes in the stated period. This is an increase of 17% from the same quarter last year. At the same time, the financial dispute resolution organisation also closed 11,611 disputes. This is the highest number of disputes closed in one financial quarter in the past five years
The most commonly received dispute this quarter was over credit, which accounted for 4,741 complaints, or 40% of the total. General insurance disputes came in at a close second, at 3,552 complaints, or 30%.
During the quarter, the ombudsman accepted 6,395 disputes, or 73% of the total received. This is an uptick of 17% from the previous quarter and 14% more than the same period last year.
Of the accepted disputes, credit disputes again led the pack at 2,595, contributing to 40% of the total complaints. General insurance disputes were the second highest yet again, numbering 2,134, or 33% of the total.
FOS closes the highest number of disputes in five years
For the quarter, the ombudsman closed 11,611 disputes, an increase of 11% when compared to the previous quarter and the same quarter in 2017.
For the disputes that were closed, more than two-thirds, or 64%, were resolved through an agreement between the consumer and the financial services provider. This is an increase of 5% from the previous quarter, which had this outcome for 59% of its disputes. The ombudsman also declined 14% of the disputes because they were out of its jurisdiction.
This is the last time that the FOS will be releasing dispute statistics. This is because the FOS is being replaced by the Australian Financial Complaints Authority (AFCA), a new external dispute resolution (EDR) scheme.
From November 1st 2018, the AFCA will deal with all complaints from consumers in the financial system which would typically go to the FOS, the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT). This is to streamline the dispute resolution process for consumers.
The Australian Financial Ombudsman Service (FOS) has released its statistics for April to June this year. According to the report, the financial authority managed to close its highest number of complaints in the past five years.
The FOS received 11,790 disputes in the stated period. This is an increase of 17% from the same quarter last year. At the same time, the financial dispute resolution organisation also closed 11,611 disputes. This is the highest number of disputes closed in one financial quarter in the past five years
The most commonly received dispute this quarter was over credit, which accounted for 4,741 complaints, or 40% of the total. General insurance disputes came in at a close second, at 3,552 complaints, or 30%.
During the quarter, the ombudsman accepted 6,395 disputes, or 73% of the total received. This is an uptick of 17% from the previous quarter and 14% more than the same period last year.
Of the accepted disputes, credit disputes again led the pack at 2,595, contributing to 40% of the total complaints. General insurance disputes were the second highest yet again, numbering 2,134, or 33% of the total.
FOS closes the highest number of disputes in five years
For the quarter, the ombudsman closed 11,611 disputes, an increase of 11% when compared to the previous quarter and the same quarter in 2017.
For the disputes that were closed, more than two-thirds, or 64%, were resolved through an agreement between the consumer and the financial services provider. This is an increase of 5% from the previous quarter, which had this outcome for 59% of its disputes. The ombudsman also declined 14% of the disputes because they were out of its jurisdiction.
This is the last time that the FOS will be releasing dispute statistics. This is because the FOS is being replaced by the Australian Financial Complaints Authority (AFCA), a new external dispute resolution (EDR) scheme.
From November 1st 2018, the AFCA will deal with all complaints from consumers in the financial system which would typically go to the FOS, the Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT). This is to streamline the dispute resolution process for consumers.
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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