Collective Forms of Consumer Redress : Financial Ombudsman Service Case Study

In the UK, debate about the appropriate balance between publicly and privately driven forms of collective consumer redress has favoured a regulatory solution exemplified by the FSA's new rule-making powers mandating the establishment of consumer redress schemes. This article examines another solution — a co-regulatory scheme involving Australia's Financial Ombudsman Service (FOS). The article compares the costs and benefits of FOS intervention apropos systemic breach with other forms of collective consumer redress, including class actions and public regulator action