FAQs

How do I complain to the FCDRS Ombudsman?
You must complain to your credit union or building society before this office will accept a formal written dispute from you. The reason for this is to ensure that you have given a person in authority the opportunity to resolve your complaint. Click here for hints on complaining to your financial institution and what to do next - including the form you will need to fill in if you want us to look at your complaint. Our leaflet gives more details.

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Can businesses use the Ombudsman service as well?
Under recent changes introduced under the Financial Services Reform Act this office can now deal with complaints or enquiries from small businesses (depending on their size) if the issue involves a transaction worth $280 000 or less.

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I'd like to discuss my complaint with you but English is not my first language and I don't speak it very well. Can you help me at all?
Yes. Have someone call us and tell us what language you speak. This office will be able to organise an interpreter for you.

A number of organisations such as the Australian Securities and Investment Commission provide relevant information and publications in a range of different languages. This office can assist consumers for whom English is their second language to obtain these publications.

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Can the FCDRS Ombudsman help with all financial complaints?
In order to access the Ombudsman service your financial institution must be a credit union or building society which is a member of the FCDRS. Click here for the list of current members. Most financial products and services available from your credit union or building society will come under our umbrella but there are important exceptions eg commercial judgement as to whether to give someone a loan. Click here for a complete list of those areas that are excluded.

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Does the Ombudsman punish firms or fine them?
No. The job of the Ombudsman is to settle disputes between individual consumers and credit unions/building societies, where consumers think they have the basis for a complaint.

This office does not control the way in which credit unions and building societies operate nor does it monitor or regulate them to make sure they operate within the law. This is the responsibility of the regulator - the Australian Securities and Investment Commission (ASIC).

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Do I have to accept the Ombudsman’s decision if I am unhappy with the determination?
No. A decision by the Ombudsman is only binding on a financial service provider and as such you can go elsewhere to settle the matter if you are not satisfied with the determination. There is no requirement to obtain legal advice before lodging a dispute. Legal advice can be expensive and you always have the right to revert to that avenue after you have been through the formal dispute process.

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Will I have a better chance of obtaining a favourable decision if I obtain legal representation?
Not necessarily. The Ombudsman will approach every dispute with an emphasis on fairness and impartiality and as such will not be influenced with the presence of a solicitor. Every determination made by the Ombudsman is based on the facts provided by you and your financial service provider, obtaining legal representation will not provide you with an advantage.

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Do I have to personally meet with a member of the FCDRS at any stage during a dispute?
No. The investigation is conducted by correspondence and/ or telephone contact.