Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Ombudsman
The Australian Banking Industry Ombudsman (ABIO) is an official body that handles formal disputes between consumers and financial institutions. When you file a complaint, the ABIO independently assesses the financial institution in question and makes a final decision. Complaints from member individuals and small businesses are free of charge for losses below $280,000. The ABIO is headed by the Banking and Financial Services Ombudsman (BFSO), a position currently occupied by Mr Colin Neave. The BFSO makes the final decisions on most complaints and is in charge of the general operations of the ABIO.
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