Skip to content

Accountants

Print this Page
Email this Page
PDF this Page

The SMSF advice landscape is changing – the time to act is now
Whether you plan to apply for a limited Australian Financial Services License (AFSL), become an authorised representative, or refer clients elsewhere, the Financial Ombudsman Service (FOS) Australia can add value to your business.

If you plan to, or currently, hold a limited or full AFSL, you will need to be a member of an ASIC-approved external dispute resolution scheme like FOS.

Build resilience and reduce the risks associated with your business – join FOS.

Apply for membership

Why choose FOS?

Good for business, reputation and the profession
At FOS we provide independent, impartial, fair and timely dispute resolution. If a complaint can’t be resolved directly between you and your client, resolving it through an independent scheme like FOS can help to restore your relationship with your client- and avoid lengthy and expensive court action. Membership of FOS makes good business sense.

Value for Money
We are the only EDR scheme with multiple Ombudsmen who have a deep knowledge in investments, life insurance, superannuation and advice. Even if you never have a dispute lodged with FOS, and over 85% of our members don’t, you can still benefit from having access to our considerable resources, attending our member forums, and having opportunities to meet our Ombudsmen directly.

Experience and expertise
With over 20 years of experience, and highly specialised staff in superannuation, investments and advice, FOS has the best approach and expertise to help resolve disputes when they occur, and advise on how to prevent them.


View transcript

Fees and charges

For financial year 2017-2018 onwards, the following standard fees and charges will apply to all FOS FSP members:

  • A variable base levy, currently from $345 and above, depending on the size of your business, adjusted annually for CPI. A calculator is available as a guide for estimating what your base levy may be based on the 2015-2016 base levy.
  • A user charge, depending on the number of disputes lodged against you (approximately 95% of our members did not pay a user charge in the last financial year).
  • Case fees for disputes handled by FOS in accordance with our Terms of Reference.

Case fees for disputes handled by FOS in accordance with our Terms of Reference (approximately 80% of our members did not pay case fees in the last financial year as they did not have disputes brought to FOS, and a further 9% only paid a Registration and Referral fee which is our least expensive dispute fee).