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FOS BREACH PROCEDURE

Financial Ombudsman Service (FOS) Code of Practice
Breach Procedure

Any significant breach or perceived breach by AFA of the FOS Code of Practice is to be reported to the AFA Compliance Manager immediately. The Compliance Manager will record the breach and if significant must report to Lloyd's Australia within 5 business days, who will on-report to FOS within a total of 10 business days. The Compliance Manager will report any breach to the Managing Director within 24 hrs, or the Chairman if Managing Director is not available. These Breaches will also be reported to the AFA Board Quarterly.

The Compliance Manager is to maintain a FOS Code of Practice breach register in conjunction with the AFA AFSL Breach Register to record any breaches of the code.

All AFA staff are given training on what constitutes a breach, and are advised all breaches or potential breaches must be reported to the compliance manager without fail. This training is completed annually.

This procedure only applies to policies issued by AFA on behalf certain underwriters at Lloyds.