Banks – Banking n Finance » Credit ombudsman service

Australia Credit Ombudsman Service, or COSL, is an industry advocate established in 2003 as a result of the Mortgage & Finance Association of Australia ( “MFAA”), self-regulation and the continued growing interest in non-bank loans. The Ombudsman Service is the largest credit Affairs Dispute Resolution (EDR) scheme in Australia for its membership, totaling more than 8,645 (2009). Its goal is to help resolve disputes between consumers and businesses based in Australia providing financial services including:

Mortgage Brokers
non-bank lenders
mortgage managers
mortgage originators
aggregators
providers of wholesale funds
securitization trustees
housing cooperatives
mortgage insurers
finance brokers

Contents
1 History
2 Process Complaint
2.1 Presentation of a claim
2.2 First steps to take
2.3 The claims Cloudy
2.4 Cost
3 See also
4 References
5 External links
  

History
Service Credit Ombudsman was created in 2003 as the Industry Ombudsman Mortgage Services Limited (MIOS ‘) as an EDR (external dispute resolution, known in other regions, ADR) and later adopted as COSL its present name in 2004. COSL is an approved [1] [2] [3] system in the EDR scheme approved by ASIC Regulatory Guide RG 139 and its services are free for consumers. Funding comes from a combination of their membership fees and reporting provided by its participating members. COSL can award compensation up to $ 250,000 and other resources such as an apology, you can ask.

Complaint Process
COSL consider disputes about a participating member on the provision of financial services and products, including mortgages and other credit products, financial planning and managed investment, insurance and deposits.

COSL resolves conflicts in a non-award, ie, by conciliation, although the Credit Ombudsman to use its power to make determinations, the complete terms of which will be published on its website. Like all ASIC RG 139 approved schemes, assessments made by Members to compel the Ombudsman, but not consumers.

COSL conciliation process is both inquisitorial and consensus-based and focuses on producing a mutually satisfactory outcome. Both members and consumers have the same opportunity to present their cases. This is to ensure fairness and promote effective dispute resolution.

The whole process of conflict resolution can be found on the website COSL: Process

Filing a Claim
Service Credit Ombudsman can help with consumer complaints if they have dealt with participating members of COSL as:

a borrower or potential borrower
a guarantor loan or any guarantor
or otherwise sought the services of a Member in the ordinary course of business in the credit market.
To find out if the organization or individual is a member of COSL, COSL has provided a wide list available to search through the COSL website.

Before taking your complaint to the COSL must first of all try to resolve your complaint with the member concerned by contacting their complaints contact person.

First steps to take
Before taking your complaint to the COSL a consumer must first try to resolve a complaint with the member concerned.

Each member must have a dedicated Complaints COSL contact person. In very small organizations, this may be the person with whom a consumer have been dealing. Some larger organizations and franchises have dedicated (full time) the drivers of complaint and your complaint may be referred by the Police Complaints Contact one of these. All members must also have internal procedures called dispute resolution procedures or ‘IDR procedures. IDR Procedures require that a member must:

give the name and contact details of their complaints contact person before doing any service to you.
give a copy of its internal dispute resolution (IDR) procedures if asked for them.
give a substantive response within 45 days of filing its complaint with them (if there is a delay that should inform you of the reason).
If, after trying to resolve a complaint through the organizations internal processes, a consumer does not believe the

Complaints Covered
The types of claims covered by COSL down in the Regulation of Credit Ombudsman. In general, consumers can lodge complaints if they believe COSL members who have been treated:

violated the relevant laws.
infringed MFAA Code of Practice or other accepted codes in practice.
not meet the standards of good practice in the credit industry.
acted unfairly.
There are some types of disputes that COSL are unable to take into account. These are also specified in the regulation of credit Ombudsman.

There are a number of reasons why your complaint can not be considered by the Ombudsman service credit, including:

If the complaint is about someone who is not a member of the Ombudsman service credit at the time of the complaint is made.
If the complainant is not the person to whom credit facilities in question were provided directly by members.
if the plaintiff is seeking more than $ 250,000.
If the complaint is being or has been previously treated by a court, arbitration or other dispute resolution scheme.
If the complaint is more appropriately dealt with by the courts or otherwise.
If a consumer is not sure if the complaint is covered by the ombudsman service credit, please contact COSL that will let them know if a complaint is treatable. If a complaint is not covered, COSL consumers writing giving the reasons why.

Cost
There is no cost for individuals or small businesses to make a complaint to the Ombudsman service credit. Some authors have to pay a fee, but COSL allows a consumer to know before dealing with a complaint will have to pay a fee.

Before taking a complaint to the Ombudsman service credit, COSL encourage you to first try to resolve your complaint with the member concerned by contacting their complaints contact person.

If after contacting members of a consumer is not satisfied, or the dispute remains unresolved, the consumer can complain to the Ombudsman service credit.

Once COSL has received a letter of dispute or a complaint form, COSL will contact the consumer to confirm whether COSL may consider the dispute. COSL If you can not attend, COSL may refer a consumer to another agency that can.

If the dispute can be considered COSL, COSL will send a copy of the complaint and the attachments to the members concerned.

Members must give an answer to the complaint to COSL within 21 days of receiving the complaint. COSL send a copy of the response of Member States as soon as practical.