Credit Ombudsman // Complaints covered by the Credit Ombudsman Service

Is my complaint covered by the Credit Ombudsman Service?

Our Complaints Checker may help you to determine if your complaint is the type of complaint that is covered by the Credit Ombudsman Service. The Complaints Checker is a guide only. For full details of types of complaints covered by the Credit Ombudsman Service, please refer to the Credit Ombudsman Rules (COSL).

In general, you can make a complaint to the COSL if you believe that the Member you have dealt with has:

breached relevant laws
breached the MFAA Code of Practice or other recognised Codes of Practice
not met standards of good practice in the Credit Industry
acted unfairly towards you.

Complaints not covered by the Credit Ombudsman Service.

There are some types of disputes that the Credit Ombudsman Service is unable to consider. These are specified in the Credit Ombudsman Rules.

There are a number of reasons why your complaint may not be able to be considered by the Credit Ombudsman Service. These are:

if your complaint is about someone who was not a Member of the Credit Ombudsman Service at the time the cause of the complaint arose.

if your complaint is about someone who is not a Member at the time the complaint is made. To search the COSL Members list click here

if your complaint is about the actions of a Member that are not directly related to the services they are providing to you

if your complaint is about a Member who is a member of another external dispute resloution scheme approved by the Board

if you are claiming more than $250,000 compensation (unless you agree to accept an amount not exceeding $250,000)

if any aspect of your complaint relates to acts, omissions, policies or matters concerning someone other than the Member you are complaining about eg. a lender's decision to refuse your loan application, loan interest rates or policy to require lenders' mortgage insurance

where the member is a lender, if your complaint relates to its commercial judgement about lending or security for a loan; eg. the lender's decision to refuse the loan, the lender's interest rate, or policy to require lenders' mortgage insurance

if your complaint relates to level of any legally permissable fee, charge or commission

if your complaint relates to any transaction entered into outside Australia

in the case of a secured Loan, where the security is situated or legally registered outside Australia or is governed by laws other than the laws of Australia

if you are not seeking compensation for loss or orders against the member

if you are not the person to whom the services were directly provided by the Member

if the Member's act or omission you are complaining about occurred more than 6 years before the receipt of your complaint by us

if you have previously made a complaint about the same Member which has been considered by the COSL or the Credit Ombudsman, unless relevant new evidence is available

if your complaint is already the subject of proceedings before a court, tribunal, arbitrator, other ombudsman or other Dispute Resolution Scheme, or is under investigation by any ombudsman (unless both you and the Member consent in writing to your complaint being considered by the Credit Ombudsman)

if your complaint is, was or becomes subject to proceedings before a court, tribunal, arbitrator or other ombudsman or dispute resolution scheme (unless both you and the Member agree to the complaint being heard by COSL)

if your complaint has already been determined by a court, tribunal, arbitrator or ombudsman, or other dispute resolution scheme (unless the proceeding leading to the determination commenced after our receipt of your complaint)

if the complaint is more appropriately dealt with by a court, tribunal, arbitrator or another dispute resloution scheme

if the complaint involves an issue which the Member believes might have important consequences for the Member or the credit industry or raise an important or novel point of law

if the Member has not:
- breached relevant laws
- breached the MFAA Code of Practice or other code of practice recognised by COSL;
- failed to meet standards of good practice in the credit industry; or
- acted unfairly towards you

if the complaint is frivolous or vexatious or is being pursued in a frivalous or vexatious manner or for an improper purpose

If you are unsure whether your complaint is covered by the COSL, you can contact the Case Manager who will let you know whether or not your complaint is one which can be dealt with.

If your complaint is not covered, the COSL will write to you giving you the reasons why.

If you are not happy with the COSL' decision to exclude your complaint, you can write to the COSL and ask that your complaint be referred to the Credit Ombudsman for a ruling whether or not your complaint is covered. You must do this within 14 days of receiving the COSL' notification that your complaint is excluded. The Credit Ombudsman's Ruling in respect of your complaint will be final and binding on you and the Member.