Credit Ombudsman // Members

Welcome to the Credit Ombudsman Service Limited (COSL) the external dispute resolution scheme for the non bank finance industry, approved by the Australian Securities and Investments Commission (ASIC). It provides COSL Members with an alternative to legal proceedings for resolving disputes with consumers in the financial marketplace.

It is one of the few EDR schemes that has been approved by the Australian Securities and Investments Commission (ASIC). When we receive a complaint, we impartially assess the information provided by our Member and the consumer, and allow each party to respond to the issues raised.

Our aim is to bring the two parties together to consider what might be a fair and reasonable resolution to the complaint. The Credit Ombudsman can make a final decision if a resolution cannot be achieved. As an independent service to Members, COSL is an inexpensive, confidential and effective alternative to lengthy and costly legal proceedings.

Our Members include brokers, lenders, originators, mortgage managers, securitisers and wholesale funders. With over 8,300 Members and growing, covering over 75% of the industry, you're in good company.

Why be a member

You receive one free complaint voucher a year on us. This means 99% of Members will not have pay any case fees.
Customers prefer to deal with businesses that have effective complaint management procedures
Complaints are a drain on your resources, sapping money, time and management focus
Membership of an ASIC-approved EDR scheme demonstrates a commitment to providing quality value-added client services
Membership of COSL is an important part of industry's efforts to promote a reputable, responsible and professional non-bank sector
COSL membership allows you to maintain industry and commercial accreditations

How can COSL assist

Hands-on personal approach to complaints handling
Faster, simpler and informal complaints resolution
Inexpensive and effective complaints resolution mechanism
Assists you in maintaining and managing your client relationships
Keeps you in control of the complaint process

For more information please contact us