FOS gears up for CBA and Macquarie disputes
The Financial Ombudsman Service has designated the Commonwealth Bank and Macquarie Group financial planning remediation plans as significant events that will be handled under its 'significant events strategy'.Consumers whose disputes are not resolved to their satisfaction after going through CBA and Macquarie reviews may take them to FOS.Under the significant event response plan, FOS will expedite the process by providing early communication with stakeholders and streamlining the resolution process. Disputes involving Macquarie's financial planning network go back to 2004 and disputes involving CBA's open advice review program cover advice provided between 2003 and 2012.Macquarie and CBA have the distinction of joining Banksia Securities and Gippsland Secured Investments in triggering FOS's significant event strategy.FOS said it had been in contact with the two organisations, gathering early information on the likely flow of disputes and documentation it will need to act quickly.