Home' Financial Ombudsman Service Annual Review : 2011-2012 Annual Review Contents 74
David Squire -- Dip AII, GMQ,
David Squire was appointed
as a transition director on
incorporation of the company,
for a term expiring on 31 May
2009, and when the new Board
was formed on 1 June 2009 he
was appointed as an Industry Director. Sadly, David
passed away on 5 October 2011.
David's contribution to the financial services industry
was significant and varied. His roles included
Research Development Manager at the Law and
Justice Research Centre, Queensland University of
Technology, and consultant to financial industry trade
associations. He had more than 40 years' experience
in general banking, life and general insurance and
financial planning in a variety of roles, including in
compliance and regulatory policy, and he had been
actively involved in industry advocacy since 1982.
David was a past Director of the National Insurance
Brokers Association and the Australasian Compliance
Institute. He had also been a member of the Investment
and Financial Services Association (IFSA) Regulatory
Affairs Board committee and the Chair of the Financial
Planning Association's Regulations Committee.
He was a member of a number of active industry
committees and a former member of Treasury's
FSRA Implementation Consultative Committee.
The Chair is required by the FOS Constitution to be
independent and the FOS Board Charter prohibits
a single individual from occupying the roles of Chair
and Chief Ombudsman.
The FOS Board is comprised of individuals with
expertise and knowledge as required by the FOS
Constitution and none of the directors are executive
directors. While directors of FOS may be appointed
for their expertise in industry or in consumers'
interests relevant to FOS, their primary duty
is to FOS. All directors are committed to and obliged
under the Corporations Act 2001 to act in the best
interests of FOS.
Skills available to the FOS Board
The Board Charter states:
Examples of the core technical competencies which
should be found across the Board include:
• Accounting and finance (Directors who have
expertise in financial accounting).
• Business judgment (Directors who have a record
of making good business decisions).
• Governance (Directors who understand and keep
abreast of good governance practices).
• Knowledge of consumers’ issues and needs
(Directors with appropriate and relevant consumer
movement-specific knowledge and experience).
• Industry knowledge (Directors with appropriate and
relevant industry-specific knowledge and experience).
• Knowledge of internal and external dispute resolution.
• Human resource management (Directors who have
experience and interests in Human Resource
Management and staff welfare).
In addition, if a director believes that in order to fulfil
their duties under the law they need to obtain
independent professional advice, then FOS will
consider meeting the reasonable costs of this advice,
provided that the Chair gives prior approval to obtaining
the advice and the advice is shared with all directors.
Since 2008, FOS has used a number of sub-
committees of the Board to fulfil the functions of a
nomination committee. These Selection Committees,
all of which have their own charter, are as follows:
• Board Selection Committee (Advisory Panels)
• Board Selection Committee (Chief Ombudsman)
• Board Selection Committee (Consumer Directors)
• Board Selection Committee (Consumer
Representatives to the Panel)
• Board Selection Committee (Independent Chair)
• Board Selection Committee (Industry Directors)
• Board Selection Committee (Industry
Representatives to the Panel)
• Board Selection Committee (Ombudsman)
• Board Selection Committee (Panel Chair,
Referee & Adjudicator).
The need for these different committees stems
from the requirement in the FOS Constitution for
relevant interest groups to be consulted in many
of the appointments.
FOS is currently undertaking a review to determine
whether a single standing committee would be more
efficient than nine ad-hoc committees.
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