The Credit Ombudsman Service is a free and independent dispute
resolution service for the Credit Industry. We consider complaints
about Members concerning the provision of credit products and
services, such as mortgages and related credit products.
To find out more about making a complaint click on the questions
below or download the Credit Ombudsman Service Consumer Pamphlet. The
Credit Ombudsman Service Complaints Handbook
may also help you to understand the COSL process.
The Credit Ombudsman Service can help you with your complaint if
you are a consumer and you have dealt with a Member of the COSL
as:
- a borrower or prospective borrower
- a loan guarantor or prospective guarantor
or have in any way sought the services of a Member in the
ordinary course of their business in the credit marketplace.
To find out if the organisation or individual you are in dispute
with is a Member of the COSL click here
Before taking your complaint to the COSL you must first of all
try to resolve your complaint with the Member concerned by
contacting their Complaints Contact Person.
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Yes, before taking your complaint to the COSL you must first of
all try to resolve your complaint with the Member concerned.
Every COSL Member must have a dedicated Complaints Contact
Person. In very small organisations this may be the person with
whom you have been dealing. Some large organisations and franchises
have dedicated (full-time) complaint handlers and your complaint
may be referred by the Complaints Contact Person to one of these.
Every Member must also have in place procedures called Internal
Dispute Resolution Procedures or 'IDR Procedures'. The IDR
Procedures require that a Member must:
- give you the name and contact details of their Complaints
Contact Person before undertaking any services for you.
- give you a copy of their Internal Dispute Resolution (IDR)
Procedures if you ask for them
- give you a substantive response within 45 days of lodging your
complaint with them (if there is a delay they must inform you of
the reason).
If, after trying to resolve your complaint through the
organisations IDR Procedures, you do not believe the complaint has
been satisfactorily resolved then you may make a complaint to the
COSL.
To find out the name and contact details of the Complaints
Contact Person at the Member orgainsation which you are in dispute
with click here.
For information about the Credit Ombudsman Service IDR
Procedures click here.
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The types of complaints covered by the COSL are set out in the
Credit Ombudsman Rules. 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.
There are some types of disputes that we are unable to consider.
These are also 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, including:
- if your complaint is about someone who is not a Member of the
Credit Ombudsman Service at the time you make a complaint
- if you are not the person to whom the credit services in
question were directly provided by the Member
- if you are claiming greater than $250,000
- if your complaint is being, or has previously been, dealt with
by a court, tribunal, arbitrator or other dispute resolution
scheme
- if the complaint is more appropriately dealt with by the courts
or other procedure.
If you are unsure whether your complaint is covered by the
Credit Ombudsman Service, 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.
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Before taking your complaint to the Credit Ombudsman Service you
must first of all try to resolve your complaint with the Member
concerned by contacting their Complaints Contact Person.
If you are not satisfied, or the dispute remains unresolved, you
may make your complaint to the Credit Ombudsman Service by:
- writing to the Credit Ombudsman Service, please see contact
details below
- completing and returning the attached complaint form, to
download Complaint Form click
here
- ringing the Credit Ombudsman Service on 1800 138
420 and giving details of your complaint to the Case
Manager. You will also be asked to set out your complaint in
writing.
When you make a complaint you do not need to use any formal or
legal language, however you must:
- state what corrective action you want taken
- give a copy of all documents that are relevant to your
complaint
- give consent to the Credit Ombudsman Service to send a copy of
your complaint and documents to the Member you are complaining
about.
If you have any difficulty in presenting your complaint, the
COSL Case Manager will help you prepare it. In doing so the Case
Manager will not be taking sides but will simply help you present
your complaint as clearly and concisely as possible.
Contacting the Credit Ombudsman Service - click here
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There is no fee for individuals or small businesses when making
a complaint to the Credit Ombudsman Service. Some complainants do
have to pay a fee but the COSL will let you know before dealing
with your complaint whether you will be required to pay a fee.
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Before taking your complaint to the Credit Ombudsman Service we
encourage you to first try to resolve your complaint with the
Member concerned by contacting their Complaints Contact Person.
If after contacting the Member you are not satisfied, or the
dispute remains unresolved, you can make your complaint to the
Credit Ombudsman Service. For more details see How Do I make a Complaint?
Once we have received your letter or your complaint form, we
will contact you to confirm whether we can consider your dispute.
If we cannot assist you, we may refer you to another organisation
that can.
If we can consider the dispute, we will send a copy of your
complaint and accompanying documents to the Member concerned.
The Member must give a response to your complaint to the COSL
within 21 days of receiving the complaint. We will
send you a copy of the Member's response as soon as is
practical.
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If you are not happy with the Member's response to your
complaint you may ask the COSL for help to resolve the complaint
through a 'conciliation process'. In order to do this you will need
to notify us within 21 days of receiving the
Member's response to your complaint.
During the Conciliation Phase the COSL can:
- facilitate informal negotiations between you and the
Member
- conduct alternative dispute resolution processes, such as
mediation
- make recommendations to you and the Member about resolving the
dispute
- prepare a 'Conciliation Settlement' if an agreement is reached
at this stage.
We try to complete this process within 45 days,
however in some cases this can be extended to 90 days.
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If your complaint is not resolved by the end of the conciliation
phase then we will refer your complaint to the Credit Ombudsman for
determination.
The Credit Ombudsman will decide what procedure to adopt in
determining the complaint, in a manner which is fair to both you
and the Member. This usually involves considering a complaint based
on the documentary evidence supplied or in exceptional cases by
holding a hearing.
If a hearing is conducted the Credit Ombudsman may give
direction as to how the hearing will be conducted and as to whether
legal representation is required. The Credit Ombudsman may also
request relevant information or documentation be provided.
Once the Credit Ombudsman has proposed a Determination
Settlement both you and the Member have one month in which to
accept and sign an agreement. If you choose not to sign at this
stage we may declare your complaint closed without resolution. If
the Member fails to sign within one month the Ombudsman may make a
binding Award in terms of the Determination Settlement.
Any Determination Settlement or Award made by the Credit
Ombudsman will be in writing and will include a statement of
reasons.
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For a diagram explaining the COSL Dispute Resolution Process
click
here
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