When must an EDR scheme report issues to ASIC?

The Financial Ombudsman Scheme has clarified when it will pass on dispute information to ASIC.

In its latest newsletter the FOS advises that ASIC Regulatory Guide 139, obliges FOS to identify, resolve and report on systemic issues and serious misconduct.

Recent examples of such issues included an example of a number of financial services providers using incorrect break cost methodology on fixed principal and interest loans on multiple accounts and multiple disputes arising out of one financial services provider not always correctly linking its offset home loan feature to an eligible offset account.

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