FOS has a Significant Event Response Plan in place to ensure that we respond effectively to significant external events that could result in an increase in potential disputes. Such events may include natural disasters, severe service or IT problems, FSPs entering external administration or an investment scheme collapse.
The main objectives of the Significant Event Response Plan are:
- to consistently identify and assess the likely impact of significant events as quickly and effectively as possible;
- to effectively deal with any disputes arising from a significant event, and to manage and control any impact on FOS resources and workloads; and
- to ensure there is timely and appropriate internal and external communication and stakeholder engagement during the course of a significant event.
There is a significant event working group in place to coordinate our response to any significant event that occurs. This working group is led by a FOS Executive General Manager and its membership comprises key staff from across the different areas of the organisation.
In recent years, a number of FSPs put in place remediation programs largely as a result of financial advice provided to customers. FOS implemented tailored significant event response plans to support the resolution of disputes lodged with FOS that were not resolved through these remediation programs. We also implemented our Significant Event Response Plan for the following events:
NSW bushfires (February 2017)
Sydney storms (February 2017)
Tropical Cyclone Debbie (March/April 2017)
Victorian severe weather (Decemeber 2017)
Yarloop, Western Australia bushfires (January 2016)
East Coast Low impacting NSW and QLD (June 2016)
Central Western NSW floods (September 2016)
Mildura hailstorm (including surrounding areas) (November 2016)
Great Ocean Road bushfires (December 2015)