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FOS demands licensee-funded consumer protection scheme

All relevant entities licensed to distribute financial products should fund a default consumer protection scheme to ensure consumers are paid when awarded compensation, the Financial Ombudsman Service (FOS) asked in its submission to the Financial System Inquiry (FSI).

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Read more: FSIFinancial Ombudsman ServiceFinancial System InquiryFinancial PlanningFinancial Standard coverageMurray inquiry