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12 J. Corp. L. Stud. 1 (2012)

handle is hein.journals/corplstd12 and id is 1 raw text is: 0joinal of Corporate Law Studies COLLECTIVE FORMS OF CONSUMER REDRESS: FINANCIAL OMBUDSMAN SERVICE CASE STUDY VICKI WAYE* AND VINCE MORABITO** In the UA; debite about the appropriate balance between pubi c a d pivtely dfiven Jurmsn of collde c onme rers hasc wourecd ca regulator' soliution exemnphfied by' the FSAe newrle-minogp poer maniidcatinig thec estcablient of cosumer redriesso scee. Tis crticle excaines canotheri solution-a co-regulactory shemie iinvolvinig Austriacs Fiancical Omnbudsan Ser ice (FOS). The article comipares the O cist an benefits oft FOS intervention capopsytemic brch awit/i nther fiorms af collive c onume redres, incluidiing ca cictions cand public iregulator action. A. INTRODUCTION The benefits of prosviding a sy stems of collectiv e redlress for mass consumer claims havec been we ll documented in govecrnment reportsi and academic litera- ture.' These benefits derive from the economics of scale inherent in prosecuting mass small claims in a single action. Pursuing small claims on an individlual basis is otherwsise uneconomic because the cost of their indiv idual prosecution far exceeds the v alue of each claim. Australia and other jurisdictions such as the US prosvide v arious forms of collectisve redress, including opt out repre- sentativ e litigation-or class actions, as they arc more commonly known. * Pofessor of Law, Law Sch iool, Univ ers~ity of Souh Austiralia. P Proesor Departmntz of Buiness Law andf Taxaion, Monhash U nversitx Pari of the resarch pr eened in this arile was funclect by an Austraain ResearchI Counil Disor Project graint (DP98i4648) The auihors woiuld like toi ac know ledge ihe assistan(ce received from ihe Fin ancial Omndsinani Seriic, andl in pariculiar form Sally Daxis, F inarnciai O)nxbuctsman Serxvice Systeic Issues, Mlanaer Austrialia's A5ocs to jsic e Taskfonce, A Stei, Framor forur Access ,' to Jc i th edral ivil Sstem, (200); Cornrnsion of ihe European C ornrnun itics Gre Paper on C'ollecive CJoinsumer Reudress',CO(208 )) 7 94. TIL Russell, EFxporin C i(las Aciions io ihe European Union (2010) 28 Boston Univity LItr nionalm La~5wiJura 14 1, C Hodges, Inoni Cla x ss Acino Collective Reudress: A Revolin in i Approach i o ompenaion (2009 28f iiiusticedi Qurtrly 41; Rt 'Mulhern 'The ('axe br an Opit-Out Class Acioni for European Mienmber States: A\ Legal andi Enmpirical Aknalsis' 2009) 15 Couia~,, oual orEuroea Law 49 Opi ou representrative rc1erdings are axvailale pursunait to Iclreral C ourt o Austiralia Act 1976, (ith, Par i110\; Suprm ci 'our Act 198 (Vic), Par iA anef C'ixil Proicedure Act 2005 (NSW), Part 10S April 201I2

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