The Financial Ombudsman Service (FOS) is an approved external dispute resolution scheme approved by ASIC. Go to www.fos.org.au for more information

The Financial Ombudsman Service (FOS) is an approved external dispute resolution scheme approved by ASIC. Go to www.fos.org.au for more information. Now, in your course materials refer to Appendix 19 titled “The FOS Approach” – calculating loss in financial advice disputes, and read the document.

Required

(a)    Outline the purpose of compensation, where inappropriate financial advice is provided under the FOS approach?

(b)   Outline how FOS determines the appropriate amount of compensation for a client.

(c)    Outline the definition of inappropriate financial advice according to FOS

(d)   What is the maximum amount FOS can award consumers per claim for a direct financial loss?

(e)   What is the maximum amount FOS can award consumers per claim for an indirect financial loss?

(f)     In light of Kostas situation, whereby a break down has occurred in procedures within your office, could Kostas lodge a claim with FOS?

(g)    Explain why FOS would likely view the loss as an indirect loss?

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