Complaints CIO covers
Complaints we can consider
- breached a law
- breached a relevant Code of Practice
- not met standards of good practice in the finance industry or
- acted unfairly towards you.
We are able to make recommendations for compensation up to $309,000.
Complaints we are unable to consider
- something a financial services provider (FSP) has done but which is not directly related to the financial service provided to you by the FSP
- someone who is not a participant of the CIO scheme
- a fee, charge, commission or interest rate (unless your complaint is about the non-disclosure, misrepresentation, miscalculation or incorrect application of the fee, charge, commission or interest rate, or if the charging of any of these is in breach of the law or is unconscionable)
- the policies or commercial judgement of the FSP or someone other than the FSP, examples of which are:
- a lender’s assessment of risk or of financial or commercial criteria
- a lender’s decision to refuse a loan application or the release of part of the security for the loan or to approve either of them subject to conditions
- interest rates and fees charged by a lender
- a lender’s policy to require mortgage insurance
- issues where six years have elapsed since the time you first became aware, or should reasonably have become aware, of the loss you claim you suffered as a result of the issue/s
- issues that have already been dealt with by a court, tribunal, arbitrator or another ASIC-approved EDR scheme
- investment performance of an investment product, unless it concerns non-disclosure, misrepresentation or misleading conduct.