Bulletins

Policy Bulletin 1
Unauthorised EFT Transactions Investigations and the Revised Code
This article summarises the obligations imposed on financial service providers (FSPs) by the
revised Electronic Funds Transfer (EFT) Code and the approach that will be taken by the
Ombudsman when considering disputes. It is by no means a substitute for the full policy which may
be found on the FCDRS website.
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Policy Bulletin 2
Payment of Cheques
This office receives a significant number of disputes from consumers who have obtained access to uncleared funds in their accounts without being aware the funds have not yet cleared. Problems arise when the cheque deposited into the customer’s account is subsequently dishonoured and the credit reversed. Consumers say they relied on the financial service provider (FSP) not to release uncleared funds and they were therefore led to believe that the funds were cleared once they appeared on their account balance.
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Policy Bulletin 3
Hardship Cases under the EFT code
The Ombudsman has been told by community legal services and parliamentarians that a growing
number of people with Electronic Fund Transfers (EFT) disputes are experiencing financial
hardship while they wait for financial service providers (FSPs) to investigate their claims. The
situation usually arises where, as a result of ATM short pays, cardholders have no cash and little or no balance left in their accounts.
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Policy Bulletin 4
Foreign Cheques
This office receives disputes from consumers who are given access to the proceeds of cheques at
a time when the account holder could reasonably have expected the cheque to be cleared.
Subsequently, their financial services provider (FSP) advises that the cheque has been
dishonoured and their account is debited.
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Policy Bulletin 5
Cancellation of Direct Debits
This article summarises the responsibilities of both financial service providers (FSP’s) and
consumers in regard to the cancellation of direct debits.
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Policy Bulletin 6
Mortgagee in Possession
This bulletin sets out the obligations of a financial service provider (FSP) when selling a property
as mortgagee and outlines matters taken into considered by the FCDRS when investigating a
dispute about a mortgagee sale.
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Policy Bulletin 7
Agency Relationships
This bulletin outlines the approach of the Financial Co-operative Dispute Resolution Scheme
(FCDRS) to a dispute involving the determination of whether a broker is acting as the agent of a
financial services provider (FSP).
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Policy Bulletin 8
A Guide to Investigation of EFT Disputes
Liability can be allocated to account holders if they contravened a provision of the Electronic Funds
Transfer (EFT) Code or unnecessarily delayed notification. If account holders contravene a provision
of the EFT Code, it must be proven they contributed to the loss.
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Policy Bulletin 9
Centrelink Code of Operations
The Centrelink Code of Operations governs recovery procedures where consumers who receive social security payments by direct credit (the most common form of payment) have overdrawn their account.
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Policy Bulletin 10
Garnishee Orders under the SSA Act
This bulletin outlines the expected approach financial service providers (FSPs) should take when they receive a court order for application to an account holder who is a Centrelink recipient.
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Policy Bulletin 11
Online Banking Issues
Today's online banking environment brings with it significant problems such as the amount of fraud that continues to affect both financial service providers (FSPs) and consumers alike. To minimise risks FSPs must ensure consumers receive detailed advice of the system used by the FSP. The features, requirements and conditions should also be disclosed in the relevant Product Disclosure Statement (PDS).
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Policy Bulletin 12
Systemic Issues
The Australian Securities and Investments Commission (ASIC) Policy Statement 139 sets out guidelines the FCDRS Ombudsman must follow when dealing with systemic issues and cases of serious misconduct. According to these guidelines, there are three main obligations...
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