The Financial Industry Complaints Service (FICS) will undergo a name change when it merges with the Insurance Ombudsman Service (IOS) and Banking and Financial Services Ombudsman (BFSO).
The three schemes will merge together to form the Financial Ombudsman Service (FOS) on July 1, after receiving the go-ahead from ASIC last week.
Under the restructure, FICS will be renamed the investments, life insurance and superannuation division.
"What is formerly FICS will be the investments, life insurance and superannuation division," FICS chief executive Alison Maynard told InvestorDaily.
Maynard is expected to be appointed to head the division.
BFSO ombudsman Colin Neave is expected to be appointed chief ombudsman of FOS, while IOS ombudsman Sam Parrino is expected to be appointed to the general insurance division.
A new unnamed ombudsman is expected to handle the banking and finance division.
From July 1, FOS will continue to operate under the rules and procedures of the three existing schemes, with a view to operating under a single set of rules no later than January 1, 2010.
"What FICS will be doing is working really quickly to send out application forms to all the existing FICS members for them to fill out and get back to us so we can join them up to the new scheme," Maynard said.
"We're filling out all the details on the form for the members so all they have to do is sign and return them.
"As well as that we will be notifying ASIC of the changes in schemes so they don't have to do it themselves. That's much more streamlined as far as ASIC is concerned and it's easier on the members."
FICS lodged an application for relief with ASIC so that a reference to BFSO, FICS or IOS in a pre-printed product disclosure statement, financial services guide or other brochure required by the Corporations Act shall be deemed to be a reference to FOS, she said.
