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 | | Reporting
| BFSO is obliged, under our Terms of Reference and as an ASIC approved alternative dispute resolution Scheme, to report systemic issues to ASIC on a quarterly basis.
The reports do not identify the member, but include details of the nature of the problem and the manner in which it was resolved. A member is only identified if it does not rectify the matter to the Ombudsman's satisfaction.
In some cases the member may choose to identify itself to ASIC.
The following is an example of a systemic issue that BFSO considered over the last year.
| Failure to Inform Customers of Alternate Forums for Hardship Applications
| The Code of Banking Practice requires its subscribers to inform customers of their rights under the Uniform Consumer Credit Code to apply to the court or a tribunal for a variation of their credit contract if the member does not agree to a variation.
The member in this case had considered and refused the customer's hardship application for a variation of the credit contract but had failed to inform the customer that they may apply to the relevant court or tribunal for an order varying the contract.
When this matter was brought to the member's attention it agreed to amend its letters to affected customers to include the information required.
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